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SIGNALLING: The use of low-cost, easy to obtain information about a product or commodity to indicate the quality of a product. Signalling occurs when buyers use features of a commodity or actions by the seller to indicate overall product quality. These signals can be either intended or unintended.

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Lesson 15: Aggregate Market | Unit 5: Policy Preview Page: 22 of 22

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  • A preview of how the aggregate market is used to analyze government policies.
  • The two alternatives for closing recessionary and inflationary gaps--(1) self correction based on shifts of the automatic SRAS and (2) government policies that induce shifts in the AD, SRAS, and LRAS curves.
  • Questions about the time it takes for the economy to adjust from the short run to the long run.

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AVERAGE REVENUE PRODUCT

Total revenue generated per unit of a variable input, keeping all other inputs unchanged. Average revenue product, usually abbreviated ARP, is found by dividing total revenue by the variable input or by multiplying average physical product by average revenue. Average revenue product is a part of marginal productivity theory used to analyze the demand for productive inputs.

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APLS

YELLOW CHIPPEROON
[What's This?]

Today, you are likely to spend a great deal of time wandering around the downtown area wanting to buy either a genuine down-filled pillow or one of those "hang in there" kitty cat posters. Be on the lookout for a thesaurus filled with typos.
Your Complete Scope

This isn't me! What am I?

The word "fiscal" is derived from a Latin word meaning "moneybag."
"The only thing that will stop you from fulfilling your dreams is you. "

-- Tom Bradley, former Los Angeles mayor

SUR
Seemingly Unrelated Regressions
A PEDestrian's Guide
Xtra Credit
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