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What has a profound impact on the distribution of opportunities and rewards in society?
Expansionary Gap
A situation where the actual output of an economy exceeds its potential output, often leading to inflationary pressures.
Recessionary Gap
The situation where an economy's real GDP is less than its potential GDP, leading to underutilization of resources and unemployment.
Short-Run Output
The production level of goods and services in the short term, often under fixed conditions or capacities.
Expected Price Level
The anticipated average price of goods and services in an economy at a future time, influencing consumer and business decisions.
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