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ACCOUNTING PROFIT: The difference between a business's revenue and it's accounting expenses. This is the profit that's listed on a company's balance sheet, appears periodically in the financial sector of the newspaper, and is reported to the Internal Revenue Service for tax purposes. It frequently has little relationship to a company's economic profit because of the difference between accounting expense and the opportunity cost of production. Some accounting expense is not an opportunity cost and some opportunity cost is does not show up as an accounting expenses.

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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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MARGINAL REVENUE PRODUCT AND FACTOR DEMAND

A perfectly competitive firm's factor demand curve is that negatively-sloped portion of its marginal revenue product curve. A perfectly competitive firm maximizes profit by hiring the quantity of input that equates factor price and marginal revenue product. As such, the firm moves along its negatively-sloped marginal revenue product curve in response to changing factor prices.

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