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GROWTH RATE OF PRODUCTION: The percentage change in (usually real) gross domestic product from one year to the next. This is used to indicate the degree of progress or economic growth of an economy.
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AVERAGE REVENUE CURVE, MONOPOLISTIC COMPETITION A curve that graphically represents the relation between average revenue received by a monopolistically competitive firm for selling its output and the quantity of output sold. Because average revenue is essentially the price of a good, the average revenue curve is also the demand curve for a monopolistically competitive firm's output.
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Okun's Law posits that the unemployment rate increases by 1% for every 2% gap between real GDP and full-employment real GDP.
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"Love looks through a telescope; envy, through a microscope. " -- Josh Billings, humorist
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M1
currency and coins held by the nonbank public plus checkable deposits issued by traditional banks, savings and loan associations, credit unions, and mutual savings banks
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