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LONG-RUN AGGREGATE MARKET: A macroeconomic model relating the price level and real production under the assumption that ALL prices flexible. This is one of two aggregate market submodels used to analyze business cycles, aggregate production, unemployment, inflation, stabilization policies, and related macroeconomic phenomena. The other is the short-run aggregate market. The long-run aggregate market isolates the interaction between aggregate demand and long-run aggregate supply. The key assumption of this model is that ALL prices, especially resource prices, are flexible. The primary result of this model is that the economy achieves long-run equilibrium at full-employment real production.

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AVERAGE PROPENSITY TO SAVE: The proportion of income, usually measured as disposal income or national income, used for household saving. It is found by dividing saving by income. The average propensity to save, abbreviated APS, is most relevant for discussions of Keynesian economics. The average propensity to save is the average amount of total household income that is devoted to saving and NOT used for consumption expenditures.

     See also | disposable income | national income | saving | consumption expenditures | household sector | Keynesian economics | marginal propensity to consume | average propensity to consume | marginal propensity to save | saving function | saving line | Keynesian economics | saving-investment equality | circular flow | financial markets |


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SUPPLY CURVE

A graphical representation of the relation between the supply price and quantity supplied, holding all ceteris paribus supply determinants constant. A supply curve graphically illustrates the law of supply, the direct relation between supply price and quantity supplied for a particular good. It is one half of the standard market model. A demand curve is the other half.

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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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