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  • https://socialsci.libretexts.org/Bookshelves/Economics/Economics_(Boundless)/32%3A_Open_Economy_Macroeconomics/32.3%3A_Equilibrium
    In an open economy, equilibrium is achieved when no external influences are present; the state of equilibrium between the variables will not change.
  • https://socialsci.libretexts.org/Bookshelves/Economics/Economics_(Boundless)/10%3A_Competitive_Markets/10.2%3A_Production_Decisions_in_Perfect_Competition
    Output is the amount of a good produced; revenue is the amount of income made from sales minus all business expenses.
  • https://socialsci.libretexts.org/Bookshelves/Economics/Economics_(Boundless)/9%3A_Production/9.1%3A_The_Production_Function
    The production function relates the maximum amount of output that can be obtained from a given number of inputs.
  • https://socialsci.libretexts.org/Bookshelves/Economics/Economics_(Boundless)/20%3A_Economic_Growth/20.4%3A_Long-Run_Growth
    Long-run growth is defined as the sustained rise in the quantity of goods and services that an economy produces.
  • https://socialsci.libretexts.org/Bookshelves/Economics/Economics_(Boundless)/24%3A_Aggregate_Demand_and_Supply/24.4%3A_Aggregate_Supply
    Aggregate supply is the total supply of goods and services that firms in a national economy plan to sell during a specific time period.
  • https://socialsci.libretexts.org/Bookshelves/Economics/Economics_(Boundless)/24%3A_Aggregate_Demand_and_Supply/24.5%3A__The_Aggregate_Demand-Supply_Model
    In economics, the macroeconomic equilibrium is a state where aggregate supply equals aggregate demand.

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