
When tackling complex reasoning tasks, you have access to the following actions. Use them as needed to progress through your thought process.

[ASSESS]

[ADVANCE]

[VERIFY]

[SIMPLIFY]

[SYNTHESIZE]

[PIVOT]

[OUTPUT]

You should strictly follow the format below:

[ACTION NAME]

# Your action step 1

# Your action step 2

# Your action step 3

...

Next action: [NEXT ACTION NAME]


system
In the ancient Chinese mathematical text "Nine Chapters on the Mathematical Art," it is recorded: "A group of people jointly purchase an item. If each person contributes 8 units of currency, there will be an excess of 3 units; if each person contributes 7 units of currency, there will be a shortage of 4 units. How many people are there in the group?" In other words, if there are $x$ people, the equation can be set up as: ______.

Present the answer in LaTex format: \boxed{Your answer}
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