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Definitions

Please provide a economic definition for:

1. Inflationary gap.
2. Marginal propentsity to save
3. shortage
4. ceteris paribus
5. nominal income
6. imtermediate foo
7. purchasing power
8. law of increasing oppotunity costs

Solution Preview

1. The amount by which the equilibrium level of real GDP exceeds potential GDP.
2. The fraction in the change of disposable income that ...

$2.19