March 23, 2018 

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WPI: The abbreviation for Wholesale Price Index, which is an index of the prices paid by retail stores for the products they would ultimately resell to consumers. The Wholesale Price Index, abbreviated WPI, was the forerunner of the modern Producer Price Index (PPI). The WPI was first published in 1902, and was one of the more important economic indicators available to policy makers until it was replaced by the PPI in 1978. The change to Producer Price Index in 1978 reflected, as much as a name change, a change in focus of this index away from the limited wholesaler-to-retailer transaction to encompass all stages of production. While the WPI is no longer available, the family of producer price indexes provides a close counterpart in the Finished Goods Price Index.

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Lesson 13: Aggregate Demand | Unit 2: Doing More Page: 4 of 22

Topic: Expenditures <=PAGE BACK | PAGE NEXT=>

Aggregate demand is expenditures made by all members of society, that is, aggregate expenditures.

A definition:

Aggregate expenditures are the total expenditures on gross domestic product undertaken in a given time period.

  • Society is grouped into four sectors, households, business, government, and foreign.

Expenditures by each sector are:

  • Household Consumption
  • Business Investment
  • Government Government Purchases
  • Foreign Net exports

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A curve that graphically represents the relation between average factor cost incurred by a firm for employing an input and the quantity of input used. Because average factor cost is essentially the price of the input, the average factor cost curve is also the supply curve for the input. The average factor cost curve for a firm with no market control is horizontal. The average revenue curve for a firm with market control is positively sloped.

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Today, you are likely to spend a great deal of time searching the newspaper want ads wanting to buy either a birthday gift for your uncle or a pair of red and purple designer socks. Be on the lookout for mail order catalogs with hidden messages.
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