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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 4: Production Possibilities | Unit 3: The Curve Page: 10 of 24

Topic: Connecting Points <=PAGE BACK | PAGE NEXT=>

Like a constellation in the sky, we will find it convenient to outline an 'image' by connecting the individual points.
  • Connecting our 11 points lets us include other options. These are only 11 of many possibilities.
  • The curve we get is the production possibilities curve. It's also termed the production possibilities frontier for reasons that will become clear as we continue this lesson.
  • Note that the curve is flat at the top and steep at the bottom.

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AVERAGE REVENUE CURVE, PERFECT COMPETITION

A curve that graphically represents the relation between average revenue received by a perfectly competitive firm for selling its output and the quantity of output sold. Because average revenue is essentially the price of a good, the average revenue curve is also the demand curve for a perfectly competitive firm's output.

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BROWN PRAGMATOX
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Today, you are likely to spend a great deal of time strolling through a department store seeking to buy either a wall poster commemorating the 2000 Olympics or a flower arrangement with a lot of roses for your grandmother. Be on the lookout for infected paper cuts.
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There were no banks in colonial America before the U.S. Revolutionary War. Anyone seeking a loan did so from another individual.
"The past is a foreign country; they do things differently there."

-- Leslie Poles Hartley, Writer

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