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Demonstrate Graphically and Explain Verbally the Case of an Inflationary

question 139

Essay

Demonstrate graphically and explain verbally the case of an inflationary gap.Describe the forces in the economy that will result in the gap closing itself.


Definitions:

Diffusion of Innovation

A theory that explains how, why, and at what rate new ideas and technology spread through cultures.

Innovators

Individuals who adopt new ideas or technologies before most others in a society or industry.

Diffusion of Innovation

The method through which an innovative concept, item, or practice disperses across a community or societal structure.

Laggards

In the context of diffusion of innovation, laggards are the last group of people to adopt new technology or ideas, often resistant to change and preferring traditional methods.

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