Identify and State the Historical Significance of the Following

question 104

Short Answer

Identify and state the historical significance of the following:
-scalawags

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Definitions:

Aggregate Demand

The total quantity of goods and services demanded across all levels of an economy at a given price level and in a given time period.

Potential Output

The peak level of real GDP that can be maintained in the long run without causing inflation to rise.

Discretionary Fiscal Policy

Government policy involving changes in taxation and spending that are undertaken explicitly to influence economic activity.

Price Level

The econ-wide median price across the complete array of produced goods and services.