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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 8: Market Shocks | Unit 2: Determinants
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Page: 4 of 20
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Shifts in the demand curve are originated by changes in the demand determinants and shifts in the supply curve by changes in the supply determinants. Determinant changes cause shifts: - Increase in demand is a rightward shift.
- Decrease in demand is a leftward shift.
- Increase in supply is a rightward shift.
- decrease in supply is a leftward shift.
Note that:- An increase in demand and an increase in supply both are rightward shifts.
- A decrease in demand and a decrease in supply both are leftward shifts.
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PERSONAL CONSUMPTION EXPENDITURES The official item in the National Income and Product Accounts maintained by the Bureau of Economics Analysis that measures household consumption expenditures on gross domestic product. Personal consumption expenditures are far and away the largest and most stable of the four expenditures, averaging about 65 to 70 percent of gross domestic product. The other official expenditures included in the National Income and Product Accounts are gross private domestic investment, government consumption expenditures and gross investment, and net exports of goods and services.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors hoping to buy either several magazines on computer software or a T-shirt commemorating the second moon landing. Be on the lookout for poorly written technical manuals.
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The average length of a "business lunch" is about 36 minutes.
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"We succeed in enterprises (that) demand the positive qualities we possess, but we excel in those (that) can also make use of our defects." -- Alexis de Tocqueville, Statesman
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AR(N)
A nth-order Autoregressive Process
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