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What did John Winthrop mean when he spoke of his "city upon a hill"? To what extent were the Puritans successful in building that city? How and why did the market economy threaten and ultimately transform their city?
Seasonal Unemployment
Unemployment resulting from seasonal variations in demand or supply of labor, often seen in industries like agriculture or tourism.
Potential Level
An economic term referring to the highest level of output an economy can sustain over a long period without increasing inflation.
Actual Output
The total value of goods and services produced by an economy at a given period, also known as real GDP.
Aggregate Supply
The total supply of goods and services produced within an economy at a given overall price level and in a given time period.
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