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RECESSIONARY GAP: The difference between the equilibrium real production achieved in the short-run aggregate market and full-employment real production the occurs when short-run equilibrium real production is less than full-employment real production. A recessionary gap, also termed a contractionary gap, is associated with a business-cycle contraction. This is one of two alternative output gaps that can occur when short-run production differs from full employment. The other is an inflationary gap.
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AGGREGATE EXPENDITURES: The total expenditures on gross domestic product undertaken in a given time period by the four sectors -- household, business, government, and foreign. Expenditures made by each of these sectors are specifically labeled consumption expenditures, investment expenditures, government purchases, and net exports. Aggregate expenditures (AE) are a cornerstone in the study of macroeconomics, playing critical roles in Keynesian economics, aggregate market analysis, and to a lesser degree, monetarism. See also | consumption expenditures | investment expenditures | government purchases | net exports | household sector | business sector | government sector | foreign sector | aggregate demand | aggregate market | price level | real production | aggregate demand curve | macroeconomics | change in aggregate demand | change in aggregate expenditures | demand | quantity demanded | Keynesian economics |
Recommended Citation:AGGREGATE EXPENDITURES, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: September 10, 2024].
AmosWEB Encyclonomic WEB*pedia:Additional information on this term can be found at: WEB*pedia: aggregate expenditures
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CONSTANT RETURNS TO SCALE A given proportional change in all resources in the long run results in the same proportional change in production. Constant returns to scale exists if a firm increases ALL resources--labor, capital, and other inputs--by 10 percent, and output also increases by 10 percent. This is one of three returns to scale. The other two are increasing returns to scale and decreasing returns to scale.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time watching the shopping channel seeking to buy either storage boxes for your income tax returns or an AC adapter for your CD player. Be on the lookout for mail order catalogs with hidden messages.
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Much of the $15 million used by the United States to finance the Louisiana Purchase from France was borrowed from European banks.
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"Life is a promise; fulfill it. " -- Mother Teresa, humanitarian
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WPO
Weakly Pareto Optimal
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