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LONG-RUN TREND: The general movement over time of particular measurement, especially one prone toward shorter term fluctuations. One of the most important long-run trends in the study of macroeconomics is for real GDP. The long-run trend of real GDP, which has historically increased about 3% a year, indicates the increase in the economy's production capabilities. Such capabilities have increased due to increases in the quantity and quality of resources.

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MIXED ECONOMY: An economy, or economic system, that relies on both markets and governments to allocate resources. While, in theory, we could have a pure market economy or a pure command economy, in the real world all economies are mixed, relying on both markets and governments for allocation decisions. Markets allocate resources through voluntary choices made by living, breathing people. Government forces allocation through involuntary taxes, laws, restrictions, and regulations. Both institutions play vital roles in an economy.

     See also | economy | economic system | market | government | three questions of allocation | pure market economy | pure command economy | capitalism | market-oriented economy | socialism | communism |


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AVERAGE TOTAL COST

Total cost per unit of output, found by dividing total cost by the quantity of output. When compared with price (per unit revenue), average total cost (ATC) indicates the per unit profitability of a profit-maximizing firm. Average total cost is one of three average cost concepts important to short-run production analysis. The other two are average fixed cost and average variable cost. A related concept is marginal cost.

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