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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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FALLACY OF COMPOSITION

The logical fallacy of arguing that what is true for the parts is also true for the whole. In the study of economics, this takes the form of assuming that what works for parts of the economy, such as households or businesses, also works for the aggregate, or macroeconomy. The contrasting fallacy is the fallacy of division.

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Today, you are likely to spend a great deal of time wandering around the downtown area seeking to buy either looseleaf notebook paper or a three-hole paper punch. Be on the lookout for gnomes hiding in cypress trees.
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Natural gas has no odor. The smell is added artificially so that leaks can be detected.
"A man flattened by an opponent can get up again. A man flattened by conformity stays down for good. "

-- Thomas Watson Jr., executive

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