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NOMINAL GDP: The total market value, measured in current prices, of all goods and services produced within the political boundaries of an economy during a given period of time, usually one year. The key is that nominal gross domestic product is measured in current, or actual prices; the prices buyers actually pay for goods and services purchased. Nominal gross domestic product is also termed current gross domestic product.
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Lesson 15: Aggregate Market | Unit 3: Doing Curves
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Page: 15 of 22
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- The long-run equilibrium of the aggregate market achieved at the intersection of the aggregate demand and long-run aggregate supply curves.
- What happens when the price level is above or below the long-run equilibrium price level.
- The short-run equilibrium of the aggregate market achieved at the intersection of the aggregate demand and short-run aggregate supply curves.
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SIGNALLING When confronted by asymmetric information, the use of small bits of information, or indicators, that suggest more comprehensive information. Signalling is used by those with more information to reduce the cost of informing those with less information. It is commonly used in markets with adverse selection. Methods of signalling include advertising, brand names, and warranties. A related method is screening.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time touring the new suburban shopping complex wanting to buy either an AC adapter that won't fry your computer or a case for your designer sunglasses. Be on the lookout for telephone calls from former employers.
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Three-forths of the gold mined each year is used to manufacture jewelry.
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"The greatest things ever done on Earth have been done little by little. " -- William Jennings Bryan
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BST
Bulk Supply Tariff
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