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UNCERTAINTY: The possibility that any number of things could happen in the future. In other words, the future is not known. This should be compared with risk, which is assigning probabilities to alternative possibilities.
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Lesson 13: Aggregate Demand | Unit 4: Determinants
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Page: 16 of 22
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Expenditures by the household, business, government and foreign sector change over time, causing instability in the economy.- Economic instability found in complex economies, business cycles, can be traced to shifts of the aggregate demand curve.
- The ceteris paribus determinants of the aggregate demand curve are those things that disrupt equilibrium, and lead to macroeconomic instability.
Aggregate demand determinants are things, other than the price level, that affect aggregate demand.
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AVERAGE PRODUCT The quantity of total output produced per unit of a variable input, holding all other inputs fixed. Average product, usually abbreviated AP, is found by dividing total product by the quantity of the variable input. Average product, which occasionally goes by the alias average physical product (APP), is one of two measures derived from total product. The other is marginal product.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time surfing the Internet trying to buy either a computer that can play video games and burn DVDs or a black duffle bag with velcro closures. Be on the lookout for rusty deck screws.
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A lump of pure gold the size of a matchbox can be flattened into a sheet the size of a tennis court!
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"Sometimes when you innovate, you make mistakes. It is best to admit them quickly and get on with improving your other innovations. " -- Steve Jobs, Apple Computer founder
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ATC
Average Total Cost
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