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Open Economy
An economy that interacts freely with other economies around the world, including trade and capital flows.
Net Exports (NX)
The value of a country's exports minus its imports.
Demand Shock
A sudden, unexpected change in the demand for goods and services in an economy.
Fluctuations in Domestic Output
Variations in the production levels of goods and services within a country, often influenced by changes in demand.
Total Domestic Demand
The total demand for domestic goods, calculated as C + I + G, which also includes net exports.
Multiplier Effect (β)
The ratio of change in national income to the change in government spending; represents the impact of fiscal policy.
Trade Balance
The difference between a country's exports and imports, indicating either a trade surplus or deficit.
Expansionary Fiscal Policy
A policy aimed at increasing output and economic activity, typically through increased government spending.
Real Exchange Rate (ε)
The value of a currency against another currency, adjusted for inflation and used to gauge trade competitiveness.
Foreign Demand (Y*)
The demand for a country's goods and services from foreign consumers and businesses.