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Your cat always walks up to you and wants you to pet it on its back or ________ surface, but your dog lies on its back and presents its _________ surface for you to scratch.
Recessions
Episodes of brief economic downturn where business and manufacturing activities decline, usually signaled by a decrease in the GDP for two back-to-back quarters.
Aggregate Demand
Collective appetite for goods and services in an economic system, pegged at a particular comprehensive price level for a fixed time frame.
Short-Run Aggregate Supply
The total output of goods and services that firms in an economy are willing to produce at different price levels in the short term, holding some input prices fixed.
Classical Theory
An economic theory that emphasizes the ideas that free markets can regulate themselves through the laws of supply and demand, positing minimal government intervention.
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