BELOW FULL EMPLOYMENT EQUILIBRIUM
A term in macroeconomic used to characterize a status where an economy's real GDP or gross domestic product in a short-run is at present lower compared to the similar economy's long-run potential real GDP. In this situation, there is a recessionary gap between the two levels of GDP (computed by the difference between current GDP and potential GDP) that would have been produced had the economy been in long-run equilibrium.
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