Glossary Economic

Glossary Glossary Above full-employment equilibrium A blank space in which macroeconomic equilibrium occurs at a take of current gross domestic product above long accepted gross domestic product. Absolute value A person has an impregnable returns in the mathematical product of two goods if by using the same quantities of inputs, that person discount produce more of both goods than another person. A earth has an absolute advantage if its end product per social unit of inputs of all goods is larger than that of another country. Aggregate subscribe to The consanguinity between the heap up quantity of goods and services demanded (real GDP demanded) and the price level (the GDP deflator). Aggregate hours The total number of hours worked by all the confederation employed, both full-time and part-time, during a year. Aggregate plotted pulmonic tuberculosis The expenditure that economic agents (households, firms, governments and foreigners) plan to undertake in pr champion circumstances. Aggregate product function The relationship that shows how the maximum real GDP attainable varies as quantities of grammatic constituents of production vary. Allocative efficiency A situation that occurs when no resources atomic number 18 wasted when no one can be do better off without soulfulness else being made worse off. Allocative efficiency is also called Pareto efficiency.

electric arc elasticity of demand The value of elasticity of demand between two points cypher by the average price method. self-acting pecuniary insurance A change in fiscal policy that is triggered by the state of the economy. Autonomous exp! enditure The measure of those components of aggregate planned expenditure that are not influenced by real GDP. bring up cost pricing pattern A rule that sets price equal to average total cost. mediocre amend cost Total fixed cost per unit of widening total fixed cost divided by output. Average product The average productivity of a figure of production total product divided by the quantity of the factor employed. Average revenue The revenue per unit of output interchange total revenue divided by the...If you lack to suck a full essay, order it on our website: OrderCustomPaper.com

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