|
|
LONG-RUN AGGREGATE MARKET: A macroeconomic model relating the price level and real production under the assumption that ALL prices flexible. This is one of two aggregate market submodels used to analyze business cycles, aggregate production, unemployment, inflation, stabilization policies, and related macroeconomic phenomena. The other is the short-run aggregate market. The long-run aggregate market isolates the interaction between aggregate demand and long-run aggregate supply. The key assumption of this model is that ALL prices, especially resource prices, are flexible. The primary result of this model is that the economy achieves long-run equilibrium at full-employment real production.
Visit the GLOSS*arama
|
|
|
|
|
Lesson 9: Consumer Demand | Unit 4: The Curves
|
Page: 18 of 22
|
- A method of graphing the marginal utility curve is to derive it directly from the total utility curve.
- This method is based on an interesting and useful relation between totals and marginals that surfaces time and time again in the study of economics, what we can term the total-marginal relation.
- The total-marginal relation is that the marginal value of a variable is equal to the slope of the curve for the corresponding total value of a variable.
- For our immediate discussion of marginal utility, this means that marginal utility is the slope of the total utility curve.
|
|
|
|
|
|
|
LONG-RUN TREND The pattern of potential real gross domestic product of an economy based on full employment of available resources. The long-run trend is commonly represented as a positively-sloped line in a diagram depicting business-cycle phases. This slope captures the economy's expansion in its production possibilities resulting from increases in the quantity and quality of resources.
Complete Entry | Visit the WEB*pedia |
|
|
BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time watching infomercials looking to buy either a desktop calendar with all federal and state holidays highlighted or a half-dozen helium filled balloons. Be on the lookout for a thesaurus filled with typos.
Your Complete Scope
This isn't me! What am I?
|
|
|
The first paper notes printed in the United States were in denominations of 1 cent, 5 cents, 25 cents, and 50 cents.
|
|
|
"A stumble may prevent a fall. " -- Margaret Thatcher, British prime minister
|
|
RJE
RAND Journal of Economics
|
|
|
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
|
|
