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July 18, 2025 

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EUROPEAN COMMISSION: The executive body of the European Union that is charged with initiating Union-wide regulations. This is as close as the European Union has come to a centralized "federal" government comparable to that in the United States. It, however, has not achieved the status. The 15 national members of the European Union still retain a significant degree of autonomy.

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MACROECONOMIC PROBLEMS: Undesirable situations that exist in the macroeconomy, largely because one or more of the macroeconomic goals are not satisfactorily attained. The primary problems are unemployment, inflation, and stagnant growth. Macroeconomic theories are designed to explain why these problems emerge and to recommend corrective policies.

     See also | unemployment | inflation | macroeconomic sectors | macroeconomic markets | macroeconomic theories | macroeconomy | full employment | stability | economic growth | Unemployment | inflation | demand | production | scarcity | living standard | price level | purchasing power | money | uncertainty | contraction | business cycle | expansion | aggregate production | factors of production | labor | capital | land | entrepreneurship | investment expenditures | depreciation | regulation | technology | education | macroeconomics | macroeconomic goals | full employment | business cycles | business cycle phases | stability | economic growth | factors of production | contraction | expansion | potential real gross domestic product | shortage | surplus | circular flow | technology |


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MACROECONOMIC PROBLEMS, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2025. [Accessed: July 18, 2025].


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SELF CORRECTION, MARKET

The automatic process in which markets adjust from disequilibrium to equilibrium. With this self-correction process, the market price either increases or decreases in response to a shortage or a surplus to restore the balance between quantity demanded and quantity supplied. This process works automatically to achieve equilibrium without the need for outside intervention, such as government regulation.

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Francis Bacon (1561-1626), a champion of the scientific method, died when he caught a severe cold while attempting to preserve a chicken by filling it with snow.
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