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Aggregate Demand
The cumulative requests for goods and services in an economy, aimed at a fixed price level within a set timeline.
Long-Run Effect
The impact of economic policies or events that become apparent and have a sustained influence over an extended period.
Real GDP
The assessment of a nation's economic production, corrected for variations in price levels (either inflation or deflation), representing the real worth of all goods and services generated.
Aggregate Demand Curve
A graphical representation that shows the relationship between the overall price level in the economy and the total demand for goods and services at that price level.
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