Examlex
The rate of a reaction depends on ________.
Recessionary Gap
A situation where the real GDP is lower than the potential GDP at full employment, indicating underutilized resources.
Inflationary Gap
A scenario where aggregate demand exceeds aggregate supply at the level of full employment, leading to an increase in general price levels.
Equilibrium GDP
The level of Gross Domestic Product where aggregate supply equals aggregate demand, indicating an economy in balance without tendency to change.
Full Employment GDP
The total market value of all goods and services produced domestically by a country when all available resources are fully utilized.
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