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OKUN'S LAW: A relationship that says that the gap between actual and full employment output level of gross domestic product widens by 3.0% for each percentage point increase in the unemployment rate. When Arthur Okun discovered this empirical relationship he was on President Kennedy's Council of Economic Advisers (CEA). Okun cautioned that the relationship was valid only within unemployment rates of 3% and 7.5%.
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Lesson 11: Circular Flow | Unit 4: Foreign
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Page: 17 of 22
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Topic:
Exports and Imports
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- Exports are goods and services produced by the domestic economy and purchased by the foreign sector.
- Imports are goods and services produced by the foreign sector and purchased by the domestic economy.
- Exports are the green flow coming from the foreign sector and joining GDP before reaching the business sector.
- Imports are the green flow leaving the consumption, investment, government purchases stream and going to the foreign sector.
- Note that the physical flow of production (exports and imports) moves in opposite direction as the green payment flows.
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AVERAGE REVENUE CURVE, PERFECT COMPETITION A curve that graphically represents the relation between average revenue received by a perfectly 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 perfectly competitive firm's output.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time going from convenience store to convenience store trying to buy either a coffee cup commemorating the first day of winter or a video game player. Be on the lookout for vindictive digital clocks with revenge on their minds.
Your Complete Scope
This isn't me! What am I?
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The wealthy industrialist, Andrew Carnegie, was once removed from a London tram because he lacked the money needed for the fare.
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"Life is a promise; fulfill it. " -- Mother Teresa, humanitarian
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BNA
Bureau of National Affairs
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