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The model of aggregate demand and aggregate supply explains the relationship between
High Inflation
A condition where the general price levels of goods and services rise rapidly over a period, eroding purchasing power.
Money Supply
The complete collection of economic resources in money form available at a distinct period within an economy, which includes cash—both coins and notes—and amounts held in banking accounts for checking and savings.
Potential Output Level
The highest level of real gross domestic product (GDP) that can be sustained over the long term without increasing the rate of inflation.
Identity
The distinct characteristics, personality, or qualities that make an individual or group unique.
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