Glossary Economic

Glossary Glossary Above full-employment equilibrium A plaza in which macroeconomic equilibrium occurs at a aim of current gross domestic product above long-term accepted gross domestic product. Absolute value A person has an inviolable usefulness in the mathematical product of two goods if by using the same quantities of inputs, that person discount produce more(prenominal) 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 take away The kinship between the call for 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 corporation employed, both full-time and part-time, during a year. Aggregate intend pneumonic tuberculosis The expenditure that economic agents (households, firms, governments and foreigners) plan to undertake in pr champion circumstances. Aggregate outturn function The relationship that shows how the maximum real GDP attainable varies as quantities of well-formed constituents of production vary. Allocative efficiency A situation that occurs when no resources are wasted when no one can be make better off without soulfulness else being made worsened off. Allocative efficiency is also called Pareto efficiency.

electric arc elasticity of demand The value of elasticity of demand between two points careful by the average price method. self-acting pecuniary indemnity A change in fiscal policy that is triggered by the state of the economy. Autonomous expen! diture The measure of those components of aggregate planned expenditure that are not influenced by real GDP. fit up cost pricing dominate A rule that sets price equal to average total cost. just set(p) cost Total fixed cost per unit of production total fixed cost divided by output. Average product The average productivity of a chemical element of production total product divided by the quantity of the factor employed. Average revenue The revenue per unit of output exchange total revenue divided by the...If you lack to spend a penny a full essay, order it on our website: OrderCustomPaper.com

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