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In a free-market system, producers will react to an increase in demand when
Classical Macroeconomic Theory
A school of thought in economics that emphasizes the role of free markets in ensuring economic efficiency and suggests that government intervention in those markets should be minimal.
Real GDP
The measure of a country's economic output adjusted for price changes (inflation or deflation), reflecting the real quantity of goods and services produced.
Money Supply
Refers to the total amount of money—cash, coins, and balances in bank accounts—available in an economy at a specific time.
Classical Macroeconomic Theory
An economic theory that posits that markets function efficiently and that full employment is achieved when economies operate at a state of equilibrium without government intervention.
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