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AGGREGATE: A common modifier for an assortment of economic terms used in the study of macroeconomics that signifies a comprehensive, often national, total value. This modifier most often surfaces in the study of the AS-AD, or "aggregate market", model of the economy with such terms as aggregate demand and aggregate supply. For example, aggregate demand indicates the total demand for production in the macroeconomy and aggregate supply indicates the total amount of that output produced. Two other noted "aggregate" terms are aggregate expenditures and aggregate production function.
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Lesson 9: Consumer Demand | Unit 3: Marginal Utility
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Page: 12 of 22
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Topic:
Diminishing Marginal Utility
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- The law of diminishing marginal utility is a principle stating that as more of a good is consumed eventually each additional unit of the good provides less additional utility; that is, marginal utility declines as the quantity consumed increases.
- These declining marginal utility values illustrate the law of diminishing marginal utility.
- The law of diminishing marginal utility is the key principle for understanding market demand and the law of demand.
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SILVER CERTIFICATES Paper currency issued and authorized by the U.S. Department of the Treasury that is, in principle, backed up by, and exchangeable for, an equivalent value of silver. Silver certificates were in circulation as a medium of exchange for the U.S. economy during two periods, 1878 to 1923 and 1928 to 1957. A similar form of paper currency is gold certificates.
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The portion of aggregate output U.S. citizens pay in taxes (30%) is less than the other six leading industrialized nations -- Britain, Canada, France, Germany, Italy, or Japan.
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"It is part of the American character to consider nothing as desperate. " -- President Thomas Jefferson
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CBD
Cash Before Delivery
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