Examlex
The price elasticity of demand is computed as the percentage change in the _____ divided by the percentage change in _____.
Real GDP
The calculation of a nation's economic productivity accounting for variations in prices, such as inflation or deflation, to represent the true worth of its produced goods and services.
Classical Economists
A group of economists in the late 18th and early 19th centuries who believed in the idea of self-regulating markets, emphasizing free competition and minimal government intervention.
Full Employment
A state in an economy where all existing labor forces are deployed in the utmost efficient manner.
Equilibrium
A state in economics where supply equals demand, leading to a stable situation where there is no inherent tendency for change.
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