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LONG-RUN TREND: The general movement over time of particular measurement, especially one prone toward shorter term fluctuations. One of the most important long-run trends in the study of macroeconomics is for real GDP. The long-run trend of real GDP, which has historically increased about 3% a year, indicates the increase in the economy's production capabilities. Such capabilities have increased due to increases in the quantity and quality of resources.
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Lesson 24: | Unit :
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Page: 2 of 0
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AVERAGE PRODUCT CURVE A curve that graphically illustrates the relation between average product and the quantity of the variable input, holding all other inputs fixed. This curve indicates the per unit output at each level of the variable input. The average product curve is one of three related curves used in the analysis of the short-run production of a firm. The other two are total product curve and marginal product curve.
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Post WWI induced hyperinflation in German in the early 1900s raised prices by 726 million times from 1918 to 1923.
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"You are the only problem you will ever have and you are the only solution. Change is inevitable, personal growth is always a personal decision." -- Bob Proctor, Author and Speaker
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ATS
Automatic Transfer Service
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