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(a)Using a graph showing aggregate demand,short-run aggregate supply,and long-run aggregate supply,illustrate an economy that faces an inflationary gap.
Discretionary Income
The amount of an individual's income left for spending, investing, or saving after all taxes and necessities have been paid.
Luxury Items
High-end products or services that are not essential but are desired for their quality, status, and aesthetic appeal, often associated with a higher price.
Voyage
A long journey involving travel, especially by sea or in space.
Applied Science
A discipline that applies existing scientific knowledge to develop more practical applications, including technology or inventions, within fields such as engineering and medicine.
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