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PERSONAL INCOME: The total income received by the members of the domestic household sector, which may or may not be earned from productive activities during a given period of time, usually one year. The primary use of personal income is to measure the income actually paid out to the household sector. After adjusting for income taxes, personal income forms the basis for consumption expenditures on gross domestic product.

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Lesson 16: Aggregate Shocks | Unit 2: Extension Page: 6 of 21

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  • The different determinant induced shifts of the AD, LRAS, and SRAS curves.
  • A few of the more important determinants that shift the AD, LRAS, and SRAS curves.
  • How specific real-world issues, such as increases in physical wealth, changes in monetary policy, technological advances, and wage changes, create instability in the macroeconomy.
  • How the self-correction mechanism works through wage-changes and the labor market to restore the long-run equilibrium.

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AVERAGE PRODUCT CURVE

A curve that graphically illustrates the relation between average product and the quantity of the variable input, holding all other inputs fixed. This curve indicates the per unit output at each level of the variable input. The average product curve is one of three related curves used in the analysis of the short-run production of a firm. The other two are total product curve and marginal product curve.

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Today, you are likely to spend a great deal of time watching infomercials seeking to buy either a how-to book on fixing your computer, with illustrations or several magazines on computer software. Be on the lookout for rusty deck screws.
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General Electric is the only stock from the original 1896 Dow Jones Industrial Average remaining in the current index.
"Follow effective action with quiet reflection. From the quiet reflection will come even more effective action. "

-- Peter F. Drucker, author

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