Some economists believe that the good times of the early 2000s were not sustainable due to they were creating a dangerous financial bubble and trade deficit.
At full employment, real GDP equals potential GDP. Actual real GDP is therefore determined by the same factors that determine potential GDP. 2. The only time real GDP can temporarily exceed potential GDP is when the business cycle approaches the peak and then diverges.
To increase the production of one good, it is necessary to produce less of another than ever before.
In economists, scarcity refers to the limited resources we have. This can take the form of physical commodities such as gold, oil, and land, or in the form of money, labor, and capital.
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