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AAUP: The abbreviation for American Association of University Professors, which is an association of university and college faculty established in 1915 to protect academic freedom. The AAUP is the closest thing university faculty have to a labor union. While it does engage in some collective bargaining functions with specific universities, similar to traditional labor unions, its primary function is to ensure that faculty maintain intellectual or academic freedom from political of social pressures.

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Lesson 11: Circular Flow | Unit 1: Basic Flow Page: 6 of 22

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  • The circular flow model, which is the continuous production and consumption interaction among the four major sectors-household, business, government, and foreign-- that takes place through the three aggregated macroeconomic markets--product, factor and financial.
  • The basic role of the sectors--household, business, government and foreign--of the economy.
  • The three aggregated markets: (a) Product markets: All markets in the economy that exchange final goods and services. (b) Factor markets: All markets that exchanges the services of the economy's labor resources. (c) Financial markets: All markets that trade financial instruments.
  • The physical flow, which is the counter-clockwise flow of resources from the household to the business sector and of production from the business to the household sector.
  • The payment flow, which is the clockwise flow of payment for resources purchased by the business from the household sector and of payment for production purchased by the household to the business sector.
  • The continuous circular flow of payments: GDP used for factor payments, which becomes national income, which is used for consumption to buy GDP.

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SUBSTITUTE GOOD

In general, one of two (or more) goods that are related in an either/or fashion. In terms of demand, substitute goods are those that provide the same basic satisfaction of a want or need when consumed. In terms of supply, substitute goods are those that use the same resource for production in an exclusionary manner. A substitute good is one of two ways that goods are related. The other is a complement good.

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APLS

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Today, you are likely to spend a great deal of time at the confiscated property police auction seeking to buy either a replacement remote control for your television or a replacement nozzle for your shower. Be on the lookout for door-to-door salesmen.
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There were no banks in colonial America before the U.S. Revolutionary War. Anyone seeking a loan did so from another individual.
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AACP
American Assocation of Commercial Publications
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