Examlex
How does the Military Grid Reference System (MGRS)work?
Expansionary Gap
The amount by which actual output in the short run exceeds the economy’s potential output
Recessionary Gap
The amount by which actual output in the short run falls short of the economy’s potential output.
Expected Price Level
The anticipated average price of goods and services in an economy at a given future time, influencing consumer and business behavior.
Actual Price Level
Refers to the current general level of prices for goods and services in the economy, often measured by indices such as the Consumer Price Index (CPI).
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