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The long-run trend in real GDP is upward. How is this possible given business cycles? What explains the upward trend?
Habit
A regular practice or routine that is hard to give up.
Psychological Factors
Elements of human behavior and processes that affect an individual's decisions and actions, particularly in the context of purchase behavior.
Buying Decisions
The process or act of choosing to purchase a product or service based on various factors like need, desire, and affordability.
Social Factors
Elements that influence individuals' behavior and attitudes, including cultural, societal norms, and community influences.
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