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AGGREGATE: A common modifier for an assortment of economic terms used in the study of macroeconomics that signifies a comprehensive, often national, total value. This modifier most often surfaces in the study of the AS-AD, or "aggregate market", model of the economy with such terms as aggregate demand and aggregate supply. For example, aggregate demand indicates the total demand for production in the macroeconomy and aggregate supply indicates the total amount of that output produced. Two other noted "aggregate" terms are aggregate expenditures and aggregate production function.
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Lesson 21: Factor Demand | Unit 2: Derived Demand
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Page: 10 of 24
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Topic:
Three (Or Four) Marginals
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- A review:
- Marginal product is the change in the quantity of output produced resulting from a change in the quantity of the factor input used.
- Marginal product measures the physical productivity of a given unit of input.
- Marginal revenue is the change in the total revenue resulting from a change in the quantity of the output produced.
- The combination of marginal (physical) product and marginal revenue leads to the fourth marginal concept:
- Marginal revenue product is the change in the revenue received by a firm resulting from a change in the quantity of the factor input used.
- Marginal revenue product indicates the value of the output produced by an input.
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AGGREGATE DEMAND DECREASE, LONG-RUN AGGREGATE MARKET A shock to the long-run aggregate market caused by a decrease in aggregate demand resulting in and illustrated by a leftward shift of the aggregate demand curve. A decrease in aggregate demand in the long-run aggregate market results in an increase in the price level but no change in real production. The level of real production resulting from the aggregate demand shock is full-employment real production.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time strolling through a department store trying to buy either a travel case for you toothbrush or a looseleaf notebook binder. Be on the lookout for telephone calls from long-lost relatives.
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On a typical day, the United States Mint produces over $1 million worth of dimes.
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"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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TNV
Total Net Value
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