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Price Level
A general measure of the cost of goods and services within an economy or specific market at a given time.
Real GDP
The total value of all goods and services produced within a country in a year, adjusted for inflation, reflecting the real purchasing power.
Aggregate Demand
The cumulative requests for goods and services in an economy, aimed at a fixed price level within a set timeline.
Long-Run Effect
The impact of economic policies or events that become apparent and have a sustained influence over an extended period.
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