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When an Economy Experiences an Expansion and Reaches Full Employment,what

question 10

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When an economy experiences an expansion and reaches full employment,what do we expect to rise quickly?


Definitions:

External Benefits

Advantages or positive effects that extend to parties not directly involved in a transaction or activity.

Competitive Market

A market scenario where there are many buyers and sellers, and no single entity has the power to significantly influence the prices of goods and services.

Resource Allocation

The process of distributing available resources among various competing needs or uses in an effort to achieve maximum efficiency or to accomplish specific objectives.

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