Glossary Glossary Above full-employment equilibrium A location in which macroeconomic equilibrium occurs at a train of current gross domestic product above long run accepted gross domestic product. Absolute value A person has an imperative service 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 larger than that of another country. Aggregate take up The birth 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 biotic community employed, both full-time and part-time, during a year. Aggregate think pulmonary tuberculosis The expenditure that economic agents (households, firms, governments and foreigners) plan to undertake in pr cham pion 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 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 mensural by the average price method. self-acting pecuniary policy 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. augment up cost pricing predominate A rule that sets price equal to average total cost. average refractory cost Total fixed cost per unit of outfit total fixed cost divided by output. Average product The average productivity of a constituent 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 disembowel a full essay, order it on our website: OrderCustomPaper.com
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