|
|
LRAC: The abbreviation for long-run average cost, which is the per unit cost of producing a good or service in the long run when all inputs are variable. In other words, long-run total cost divided by the quantity of output produced. Long-run average cost is based on economies of scale (or increasing returns to scale) and diseconomies of scale (or decreasing returns to scale).
Visit the GLOSS*arama
|
|
|
|
|
Lesson 15: Aggregate Market | Unit 1: The Concept
|
Page: 1 of 22
|
|
In this lesson we will learn about the aggregate market and how it is used to understand and explain the macroeconomy. A definition: - The aggregate market is the combined product markets for all final goods and services produced in the economy in a given time period, usually one year.
- It combines aggregate demand and aggregate supply to analyze the price level and real production.
- Everyone is part of the aggregate market: the household, business, government, and foreign sectors.
- The aggregate market (also called AD/AS analysis) is a tool for explaining the macroeconomy
|
|
|
|
|
|
|
OUTPUT GAPS Recessionary and inflationary gaps created by differences between equilibrium real production achieved by the short-run aggregate market and full-employment real production. A recessionary gap occurs if short-run equilibrium real production is less than full-employment real production. An inflationary gap results if short-run real equilibrium production is greater than full-employment real production.
Complete Entry | Visit the WEB*pedia |
|
|
YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time lost in your local discount super center trying to buy either a solid oak entertainment center or a remote controlled ceiling fan. Be on the lookout for fairy dust that tastes like salt.
Your Complete Scope
This isn't me! What am I?
|
|
|
Post WWI induced hyperinflation in German in the early 1900s raised prices by 726 million times from 1918 to 1923.
|
|
|
"Lord, where we are wrong, make us willing to change; where we are right, make us easy to live with. " -- Peter Marshall, US Senate chaplain
|
|
NAFTA
North America Free Trade Agreement
|
|
|
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.
User Feedback
|
|
