The figure below shows the short-run aggregate supply curve of an economy. In this figure, an expansionary gap would be represented by the distance between:
Definitions:
Psychological States
The mental conditions that characterize the functioning of an individual's mind at any given time.
Physiological States
Various conditions or statuses of the body's internal processes, often influenced by internal and external factors.
Drives
Internal motivational states that prompt organisms to fulfill basic needs, such as hunger, thirst, or the drive for social connection.
Maslow
Abraham Maslow was an American psychologist best known for creating Maslow's hierarchy of needs, a theory of psychological health predicated on fulfilling innate human needs in priority, culminating in self-actualization.
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