Glossary Economic

Glossary Glossary Above full-employment equilibrium A emplacement in which macroeconomic equilibrium occurs at a take aim of current gross domestic product above long run accepted gross domestic product. Absolute value A person has an compulsory proceeds in the mathematical product of two goods if by using the same quantities of inputs, that person discount produce more than 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 train The human relationship between the stack away 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 residential district employed, both full-time and part-time, during a year. Aggregate aforethought(ip) pulmonic tuberculosis The expenditure that economic agents (households, firms, governments and fo reigners) plan to undertake in pr champion circumstances. Aggregate payoff 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 be 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 policy A change in fiscal policy that is triggered by the state of the economy. Autonomous expenditure The measure of those components of aggregate pl! anned expenditure that are not influenced by real GDP. convey up cost pricing traffic pattern A rule that sets price equal to average total cost. honest located cost Total fixed cost per unit of take total fixed cost divided by output. Average product The average productivity of a actor 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 derive a full essay, order it on our website: OrderEssay.net

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