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AGGREGATE OUTPUT: The macroeconomy's total production of final goods and services. You might recognized it by it's official term gross domestic product. Another related term is aggregate supply. This is the total production in the economy that is purchased by the four basic economic sectors -- household, business, government, and foreign. See also aggregate market, aggregate demand, aggregate expenditures.

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Lesson 2: Economic Science | Unit 2: Theory Page: 8 of 20

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  • That the best scientific theory is one that offers a universal explanation of the real world.
  • How scientific theories are comprised of verified principles and unverified axioms or beliefs that constitute a world view.
  • That the world view of many theories is also intertwined with a political philosophy.
  • The inherent need for abstraction in the development of scientific theories.
  • Three common forms of abstraction--words, graphs, and equations.
  • An introduction of three economic theories--markets, aggregate markets, and Keynesian economics.

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MARGINAL RETURNS

The change in the quantity of total product resulting from a unit change in a variable input, holding all other inputs fixed. Marginal returns is an older and more generic term for marginal product. While marginal product has largely replaced marginal returns in most discussions of short-run production, the phrase does persist in a few terms like the law of diminishing marginal returns.

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ORANGE REBELOON
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Today, you are likely to spend a great deal of time driving to a factory outlet seeking to buy either a rim for your spare tire or decorative celebrity figurines. Be on the lookout for letters from the Internal Revenue Service.
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Natural gas has no odor. The smell is added artificially so that leaks can be detected.
"Inside the ring or out, ain't nothing wrong with going down. It's staying down that's wrong. "

-- Muhammad Ali

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