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TP: The abbreviation for total product, which is the total quantity of output produced by a firm for a given quantity of inputs. Total product is the foundation upon which the analysis of short-run production for a firm is analyzed. The usual framework is to analyze total product when in a variable input (labor) changes, for a given amount of a fixed input (capital). Two related concepts derived from total product are average product and marginal product.

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Lesson 13: Aggregate Demand | Unit 2: Doing More Page: 8 of 22

Topic: Net Exports <=PAGE BACK | PAGE NEXT=>

The foreign sector, everyone who is not a citizen of our domestic economy, also purchases domestic production. These are termed net exports.

Net exports are exports minus imports.

  • Exports are purchases of domestic production by the foreign sector.
  • Imports are the purchases of foreign production by the domestic sector.
  • Net exports gives us an overall picture of how our economy interacts with the foreign sector.
  • Calculating net exports by subtracting imports gives us aggregate expenditures on domestic production only.

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INFLEXIBLE PRICES

The proposition that some prices adjust slowly in response to market shortages or surpluses. This condition is most important for macroeconomic activity in the short run and short-run aggregate market analysis. In particular, inflexible prices (also termed rigid prices or sticky prices) are a key reason underlying the positive slope of the short-run aggregate supply curve. Prices tend to be the most inflexible in resource markets, especially labor markets, and the least inflexible in financial markets, with product markets falling between the two.

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Today, you are likely to spend a great deal of time calling an endless list of 800 numbers seeking to buy either a genuine down-filled comforter or a 200-foot blue garden hose. Be on the lookout for pencil sharpeners with an attitude.
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