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Figure 14-4
-Refer to Figure 14-5. Starting from r2 and E3, an increase in the budget surplus can be illustrated as a move to
New Washing Machine
Refers to a recently introduced model or unit of a household appliance designed for laundering clothes and textiles.
Initial Model
The first or preliminary version of a model that provides a basic framework for understanding or representing a concept or system.
Business Cycle
The natural rise and fall of economic growth that occurs over time, including periods of expansion, peak, contraction, and trough.
Expansion Phase
Refers to the period in a business cycle or economy where growth and production increase and the overall economic activity rises.
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