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Endogenous
Originating from within an economic model or system; refers to factors that are explained by the internal workings of the model.
Exogenous
Factors or variables that are external to the economic model and not determined within the model itself.
Frictional Unemployment
Frictional unemployment is short-term and voluntary unemployment that occurs when people are between jobs or entering the workforce for the first time, often due to personal choices or circumstances.
Economic Activity
Actions that involve the production, distribution, and consumption of goods and services within an economy.
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