RECESSIONARY GAP
\ɹɪsˈɛʃənəɹi ɡˈap], \ɹɪsˈɛʃənəɹi ɡˈap], \ɹ_ɪ_s_ˈɛ_ʃ_ə_n_ə_ɹ_i ɡ_ˈa_p]\
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Essential piece of macroeconomics that accounts for the gap between the short run equilibrium level and full employment real production. A recessionary gap is associated with a business cycle contraction.
By Henry Campbell Black
Word of the day
tinctura quininae ammoniata
- A preparation made by dissolving quinin sulphate in alcohol [Br. Ph.].