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AP: The abbreviation for average product, which is the quantity of total output produced per unit of a variable input, holding all other inputs fixed. It is found by dividing total product by the quantity of the variable input. Average product, abbreviated AP also goes by the alias of average physical product (APP), so don't be confused by the extra term (physical).
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Lesson 11: Circular Flow | Unit 3: Government
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Page: 15 of 22
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- The role the government sector plays in the economy and the circular flow through taxes and spending.
- How taxes divert household sector income to the government sector to pay for government purchases.
- That with the government sector included, the circular flow highlights the three basic uses of national income: consumption, saving, and taxes.
- Why government spending is divided into government purchases of GDP and transfer payments.
- Why the circular flow is interested in the net tax flow (taxes minus transfer payments) from households to government.
- When government does not collect enough taxes to pay for purchases, it can borrow through the financial markets.
- The Federal deficit, which is the borrowing by the federal government to make up the difference between taxes and spending.
- That federal borrowing is combined with state and local borrowing (or saving) for total government borrowing.
- Why the government sector diverts part of the circular flow, but does not necessarily change the total amount of GDP.
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ALLOCATIVE EFFICIENCY Obtaining the most consumer satisfaction from available resources. In other words, resources are allocated in such a way that consumer satisfaction is at its highest possible level. This is also termed either efficiency or economic efficiency.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time calling an endless list of 800 numbers looking to buy either clothing for your pet dog or an ink cartridge for your printer. Be on the lookout for gnomes hiding in cypress trees.
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This isn't me! What am I?
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The standard "debt" notation I.O.U. does not mean "I owe you," but actually stands for "I owe unto..."
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"When I stand before God at the end of my life, I would hope that I would not have a single bit of talent left, and could say, „I used everything you gave me.¾" -- Erma Bombeck, writer
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FOT
Free on Truck
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