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Stagflation
An economic condition characterized by stagnant economic growth, high unemployment, and high inflation.
Price Level
The economy’s general price level across its full range of goods and services.
Short-run Equilibrium
A state in which market supply and demand balance each other, and, as a result, prices become stable temporarily.
Global Pollution
Environmental damage that crosses international borders, affecting air, water, and land on a worldwide scale.
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