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In addition to stuck prices, what are the two simplifying assumptions of the initial model in this chapter? What are two implications from these simplifications?
Inflation
The velocity at which the broad price tags for products and services surge, weakening the power to purchase.
Cyclical Unemployment
Unemployment that results from economic downturns or recessions, reflecting a lack of demand for goods and services.
Steel Industry
A sector of the economy that produces steel, a key material used in construction, transportation, and manufacturing.
Index of Leading Indicators
A composite statistic of several economic indicators that predict future economic activity and health.
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