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What are some of the ways scientists communicate with each other?
Recessionary Gap
The difference between the actual output of an economy and its potential output if all resources were fully employed, indicating underperformance.
Expansionary Gap
A situation in an economy where total spending exceeds the production capacity, leading to inflationary pressures and a rise in output.
Effectiveness Lag
The time needed for changes in monetary or fiscal policy to affect the economy
Decision-making Lag
The delay between the identification of a need for a policy response and the implementation of the decision.
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