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Actual Price Level
The current market price of goods and services, reflecting the true purchasing power of money at a given time.
Raw Materials
Basic materials from which products are made, typically extracted from natural resources.
Equilibrium Price Level
The equilibrium price level is the market state where the quantity of goods supplied is equal to the quantity of goods demanded, often considered the ideal balance for market transactions.
Real GDP
The measure of the value of all final goods and services produced within a country in a given period, adjusted for inflation.
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