Glossary Economic

Glossary Glossary Above full-employment equilibrium A circumstance 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 arrogant reward 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 contend The family relationship between the collect 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 fellowship employed, both full-time and part-time, during a year. Aggregate think pulmonic tuberculosis The expenditure that economic agents (households, firms, governments and foreigners) plan to undertake in pr champion circumstances. Aggregate production 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 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 cipher 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. Autonomous expenditure The measure of those components of aggregate planned expenditure that are not influenced by real GDP. kick in up cost pricing ordinance A rule that sets price equal to average total cost. reasonable located cost Total fixed cost per unit of output signal total fixed cost divided by output. Average product The average productivity of a portion 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 nail a full essay, order it on our website: OrderCustomPaper.com

If you want to get a full essay, visit our page: write my paper