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A grasping big toe:
Actual Price Level
The current general level of prices for goods and services in an economy, which can be compared to past levels to assess inflation or deflation.
Expected Price Level
The anticipated average price of goods and services in an economy over a future period, which influences consumer and business decisions.
Long-Run Aggregate-Supply
The total output of an economy when all resources are fully employed, with prices of inputs and outputs able to adjust to any changes.
Real GDP
The inflation-adjusted value of all goods and services produced within a country's borders in a year, reflecting the actual productivity of an economy.
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