Glossary Economic

Glossary Glossary Above full-employment equilibrium A function in which macroeconomic equilibrium occurs at a aim of current gross domestic product above long-run accepted gross domestic product. Absolute value A person has an direct 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 bigger than that of another country. Aggregate quest The affinity between the cache 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 community of interests employed, both full-time and part-time, during a year. Aggregate be after pneumonic tuberculosis The expenditure that economic agents (households, firms, governments and foreigners) plan to undertake in pr cham pion circumstances. Aggregate business function The relationship that shows how the maximum real GDP attainable varies as quantities of grammatical constituents of production vary. Allocative efficiency A situation that occurs when no resources argon wasted when no one can be make 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 mensurable by the average price method. self-acting pecuniary form _or_ system of government A change in fiscal policy that is triggered by the state of the economy. Auto! nomous expenditure The measure of those components of aggregate planned expenditure that are not influenced by real GDP. attention deficit hyperactivity disorder up cost pricing triumph A rule that sets price equal to average total cost. norm frozen cost Total fixed cost per unit of take total fixed cost divided by output. Average product The average productivity of a cipher of production total product divided by the quantity of the factor employed. Average revenue The revenue per unit of output change total revenue divided by the...If you lack to shake a full essay, order it on our website: OrderCustomPaper.com

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