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Customers can pay for products at Macy's using Google Wallet, a mobile payment app. At the register, customers simply tap their phones on an) _______________________ device in order to transfer funds to Macy's.
Real Wages
Wages adjusted for inflation, representing the purchasing power of income earned from work.
Recessionary Gap
A scenario in which the actual GDP of an economy falls short of its potential GDP, showing that resources are not being fully utilized.
Aggregate Demand
The total demand for all goods and services within an economy.
Real GDP
The total value of all goods and services produced by an economy over a specific time period, adjusted for inflation, reflecting the true economic output.
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