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Short-Run Aggregate Supply
The overall quantity of products and services that companies intend to offer for sale within a brief period, based on existing prices.
Aggregate Demand
Overall market demand for goods and services in an economy, determined at a prevailing comprehensive price level for a certain duration.
Equilibrium Output
The level of output where the quantity of goods produced equals the quantity of goods consumed, resulting in market equilibrium.
Potential Output
The maximum amount of goods and services an economy can produce when it is most efficiently utilizing all its resources.
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