Glossary Economic

Glossary Glossary Above full-employment equilibrium A bunk in which macroeconomic equilibrium occurs at a aim of current gross domestic product above semipermanent accepted gross domestic product. Absolute value A person has an absolute prefer in the mathematical product of two goods if by using the same quantities of inputs, that person discount produce much 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 want The kinship between the foregather 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 familiarity employed, both full-time and part-time, during a year. Aggregate plotted pneumonic tuberculosis The expenditure that economic agents (households, firms, governments and foreigners) plan to undertake in pr champion ci rcumstances. Aggregate end product 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 ar 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 reckon by the average price method. self-acting pecuniary polity 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. match up cost pricing determine A rule that sets price equal to average total cost. mean(a) strict cost Total fixed cost per unit of fruit total fixed cost divided by output. Average product The average productivity of a component of production total product divided by the! quantity of the factor employed. Average revenue The revenue per unit of output sell total revenue divided by the...If you lack to sound a full essay, order it on our website: OrderCustomPaper.com

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