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AGGREGATE PRODUCTION FUNCTION: A relation between the total production of real output for an economy and the amount of labor input. The aggregate production function is comparable to the standard production function used in the microeconomic analysis of firm behavior but is applied to the macroeconomic study of aggregate supply, resource markets, and employment. It is typically assumed to experience diminishing marginal returns, resulting in a decreasing marginal product of labor.

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Menu of Lessons
A. Introduction
  • Economic Basics
  • Economic Science
  • Scarcity
  • Production Possibilities

  • B. The Market
  • Demand
  • Supply
  • Market
  • Market Shocks

  • C. The Macroeconomy
  • Macro Basics
  • Gross Domestic Product
  • Circular Flow
  • Business Cycle

  • D. The Aggregate Market
  • Aggregate Demand
  • Aggregate Supply
  • Equilibrium
  • Aggregate Shocks

  • E. Money and Banking
  • Money
  • Banking
  • Money Creation
  • Federal Reserve System

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    Macroeconomics

    Introductory Macroeconomics is the study of the aggregate economy, including the topics of inflation, unemployment, business cycles, gross domestic product, money, fiscal policy, and monetary policy.

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    INTERNATIONAL FINANCE

    The study of the flow of monetary payments and the exchange of currencies among nations undertaken as a necessary complement to the international trading of goods and services. The exchange of currencies takes place through the foreign exchange market, which determines the foreign exchange rate, or exchange rate or one currency for another. The balance of payments documents the flow of currency payments into and out of a given country. A related area of study is international trade, both of which are part of the broader study of international economics.

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