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DEBTOR NATION: A nation that owes more to foreign governments, businesses, and consumers than foreigners owe to domestic governments, businesses, and consumers. The United States, having been a creditor nation for many decades, has now achieved the status of debtor nation. This sort of thing happens when exports are less than imports, creating a deficit in the current account of the balance of payments and thus a surplus in the capital account.

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Lesson 15: Aggregate Market | Unit 1: The Concept Page: 5 of 22

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The aggregate market is designed to explain the macroeconomy's price level and real production.
  • Aggregate demand is the relation between expenditures on real production and the price level.
  • Aggregate supply is the relation between the supply of real production and the price level--short run and long run.
  • The aggregate market identifies suitable values for the price level and real production that keep the aggregate economy--buyers and sellers--satisfied.
  • The aggregate market helps us to analyze and understand the macroeconomy.
We are primarily concerned with the problems of inflation and unemployment.

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IMPLICIT COST

An opportunity cost that does not involve a monetary payment or any other form of compensation. The monetary payment that is often made to compensate the person who initially foregoes the satisfaction is not made for implicit cost. There is no payment to transfer the burden of the opportunity cost from the original person to someone else. Implicit cost is also occasionally termed implicit opportunity cost.

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APLS

BROWN PRAGMATOX
[What's This?]

Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway seeking to buy either a T-shirt commemorating next Thursday or a birthday gift for your uncle. Be on the lookout for letters from the Internal Revenue Service.
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This isn't me! What am I?

Approximately three-fourths of the U.S. paper currency in circular contains traces of cocaine.
"When you play, play hard; when you work, don't play at all. "

-- Theodore Roosevelt, 26th US president

MRS
Marginal Rate of Substitution
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