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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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 Lesson 10: Gross Domestic Product | Unit 2: Looking Behind GDP Page: 9 of 25

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Chunk C also is economic production that does NOT involve market transactions.

It includes household productive activities, such as cooking, cleaning, home repairs, and entertainment.

• Hiring others for these tasks would be market transactions included in GDP.
• If tasks are done personally, without pay, there is no market transaction and no record of production.
• While information needed to estimate the value of household production could be collected, it might be more trouble than it's worth.

Chunk C is excluded from GDP.

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ARC ELASTICITY

The average elasticity for discrete changes in two variables. The distinguishing characteristic of arc elasticity is that percentage changes are calculated based on the average of initial and ending values of each variable, rather than initial values. Arc elasticity is generally calculated using the midpoint elasticity formula. The contrast to arc elasticity is point elasticity. For infinitesimally small changes in two variables, arc elasticity is the same as point elasticity.

 RED AGGRESSERINE[What's This?] Today, you are likely to spend a great deal of time calling an endless list of 800 numbers hoping to buy either a three-hole paper punch or decorative picture frames. Be on the lookout for fairy dust that tastes like salt.Your Complete Scope
 A lump of pure gold the size of a matchbox can be flattened into a sheet the size of a tennis court!
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 YIncome, Nominal Gross National Product
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