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Aggregate Demand
The aggregate demand within the economy, reflecting the total goods and services sought after at a specific price level during a particular time frame.
Recession
A temporary downturn in the economy characterized by a decrease in commerce and production, typically marked by a reduction in the Gross Domestic Product (GDP) for two consecutive quarters.
Depression
A severe recession.
Short Run
A period in economic analysis during which at least one factor of production is considered fixed, limiting the ability of the economy or firm to adjust to changes in market conditions.
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