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AGGREGATE PRODUCTION FUNCTION: A relation between the total production of real output for an economy and the amount of labor input. The aggregate production function is comparable to the standard production function used in the microeconomic analysis of firm behavior but is applied to the macroeconomic study of aggregate supply, resource markets, and employment. It is typically assumed to experience diminishing marginal returns, resulting in a decreasing marginal product of labor.

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Lesson 5: Demand | Unit 3: Demand Curve Page: 12 of 20

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  • How a demand schedule, which is a table of price/quantity numbers, can be used to illustrate demand and the law of demand.
  • How a demand curve can be derived from a demand schedule by plotting the price/quantity pairs, and how the negative slope of this demand curve also reflects the law of demand.
  • Demand space as the area beneath a demand curve and that the demand price on the demand curve is the upper limit of buyers' demand space.


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PERSONAL INCOME AND NATIONAL INCOME

Personal income (PI) is 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. National income (NI) is the total income earned by the citizens of the national economy resulting from their ownership of resources used in the production, which may or may not be received by members of the household sector. Personal income can be derived from national income by subtracting income earned but not received (IEBNR) and adding income received but not earned (IRBNE).

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Today, you are likely to spend a great deal of time surfing the Internet trying to buy either storage boxes for your winter clothes or several magazines on time travel. Be on the lookout for cardboard boxes.
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A scripophilist is one who collects rare stock and bond certificates, usually from extinct companies.
"How wonderful it is that nobody need wait a single moment before starting to improve the world. "

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