FULL-EMPLOYMENT REAL PRODUCTION: The quantity of real production or real aggregate output (or better yet, real gross domestic product) produced by the macroeconomy when resources are at full employment. For all practical purposes, full-employment real production is real GDP produced when unemployment is at it's natural level, the combination of frictional and structural unemployment that can be maintained without inflation (or deflation either). For the aggregate market analysis, this is the level of real production achieved and maintained in the long run. The long-run aggregate supply curve is vertical at full-employment real production.

     See also | real production | full employment | real gross domestic product | macroeconomics | unemployment | natural unemployment | frictional unemployment | structural unemployment | aggregate market | long-run aggregate supply curve |

FULL-EMPLOYMENT REAL PRODUCTION, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2023. [Accessed: June 4, 2023].

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A structured way of investigating and explaining the operation of the world by testing and verifying hypothesized relations. The scientific method is a process of discovery, a method of explaining the way the world operates. Positive economics is the application of the scientific method to economic analysis.

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