Examlex
Appellate courts have typically been reluctant to overturn regulatory agency
decisions.
Price Level
The average of current prices across the entire spectrum of goods and services produced in the economy, an indicator of inflation.
Real GDP
The measure of a country's economic output adjusted for price changes (inflation or deflation), reflecting the real value of goods and services produced.
Short-Run Economic Recession
A brief period of economic decline characterized by reduced industrial production, trade, and lowered levels of employment.
Long-Run Aggregate-Supply Curve
A vertical curve representing the real output of goods and services that an economy can produce when resources are fully employed, irrespective of the overall price level, over time.
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