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Equilibrium, in the short run, is achieved when:
Absolute Gap
In economics, the total difference in economic indicators, such as income or wealth, between entities without considering size or proportion.
Industrially Advanced
Describes countries or regions that have highly developed industrial sectors including manufacturing, infrastructure, and technology.
Per Capita Income
The average income earned per person in a given area or country, calculated by dividing the total income of the area by its population.
World's Income
The total economic output or the aggregate income produced by all countries in the world over a specific time period.
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