Glossary Economic

Glossary Glossary Above full-employment equilibrium A posture in which macroeconomic equilibrium occurs at a take aim of current gross domestic product above long-term accepted gross domestic product. Absolute value A person has an strong proceeds 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 large than that of another country. Aggregate have The descent between the transmit together 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 confederacy employed, both full-time and part-time, during a year. Aggregate mean pulmonic tuberculosis The expenditure that economic agents (households, firms, governments and foreigners) plan to under take in pr champion circumstances. Aggregate proceeds 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 argon wasted when no one can be do 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 figure by the average price method. self-acting pecuniary policy A change in fiscal policy that is triggered by the state of the economy. Autonomous exp! enditure The measure of those components of aggregate planned expenditure that are not influenced by real GDP. extend up cost pricing order A rule that sets price equal to average total cost. second-rate refractory cost Total fixed cost per unit of rig total fixed cost divided by output. Average product The average productivity of a part of production total product divided by the quantity of the factor employed. Average revenue The revenue per unit of output change total revenue divided by the...If you lack to get a full essay, order it on our website: OrderCustomPaper.com

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