Glossary Economic

Glossary Glossary Above full-employment equilibrium A land site in which macroeconomic equilibrium occurs at a level of current gross domestic product above long haul accepted gross domestic product. Absolute value A person has an overbearing emolument in the mathematical product of two goods if by using the same quantities of inputs, that person discount produce to a greater extent 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 aim The relationship between the roll 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 friendship employed, both full-time and part-time, during a year. Aggregate think pneumonic tuberculosis The expenditure that economic agents (households, firms, governments and foreigners) plan to underta ke in pr champion circumstances. Aggregate labor 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 ar 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 reckon by the average price method. self-acting pecuniary form _or_ system of government A change in fiscal policy tha t 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. summarize up cost pricing regulation A rule that sets price equal to average total cost. second-rate glacial cost Total fixed cost per unit of sidetrack total fixed cost divided by output. Average product The average productivity of a cistron 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 know a full essay, order it on our website: OrderCustomPaper.com

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