AVERAGE PRODUCT: The quantity of total output produced per unit of a variable input, holding all other inputs fixed. It is found by dividing total product by the quantity of the variable input. Average product, abbreviated AP also goes by the alias of average physical product (APP), so don't be confused by the extra term (physical). Compare this term with marginal product and average revenue product when you have a chance. If you haven't yet come across the term, then you really should spend some time with the law of diminishing marginal returns. The average-marginal rule is also worth a look.

     See also | total product | variable input | fixed input | average physical product | average revenue product | total revenue | marginal productivity theory | factor markets | marginal physical product | marginal physical product | marginal revenue product | law of diminishing marginal returns |

AVERAGE PRODUCT, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2021. [Accessed: May 11, 2021].

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The four aggregate sectors of the macroeconomy--household, business, government, and foreign--that reflect four key macroeconomic functions and are responsible for four expenditures on gross domestic product. These four sectors are the primary "actors" on the macroeconomic stage. Macroeconomic theories then explain macroeconomic phenomena by exploring the interaction among these four sectors.

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