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AAUP: The abbreviation for American Association of University Professors, which is an association of university and college faculty established in 1915 to protect academic freedom. The AAUP is the closest thing university faculty have to a labor union. While it does engage in some collective bargaining functions with specific universities, similar to traditional labor unions, its primary function is to ensure that faculty maintain intellectual or academic freedom from political of social pressures.

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Lesson 15: Aggregate Market | Unit 1: The Concept Page: 6 of 22

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  • The notion of the aggregate market as an analytical tool used for understanding the macroeconomy.
  • Combining the two sides of the aggregate market, aggregate demand and aggregate supply.
  • The two aspects of the macroeconomy analyzed with the aggregate market--the price level and real production.
  • The two basic problems that can be examined with the aggregate market--unemployment and inflation.

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INDUCED CONSUMPTION

Household consumption expenditures that depend on income or production (especially disposable income, national income, or even gross domestic product). That is, changes in income induce changes in consumption. Induced consumption captures the fundamental psychological law put forth by John Maynard Keynes. It is measured by the marginal propensity to consume (MPC) and is reflected by the positive slope of consumption line. The alternative to induced consumption is autonomous consumption, which does not depend on income.

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APLS

GRAY SKITTERY
[What's This?]

Today, you are likely to spend a great deal of time flipping through mail order catalogs looking to buy either a wall poster commemorating yesterday or pink cotton balls. Be on the lookout for the last item on a shelf.
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This isn't me! What am I?

Mark Twain said "I wonder how much it would take to buy soap buble if there was only one in the world."
"No amount of business school training or work experience can teach what is ultimately a matter of personal character. "

-- Truett Cathy, Chick-fil-A Inc. founder

KLIC
Kullback-Leibler Information Criterion
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