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AGGREGATE MARKET: An economic model relating the price level and real production that is used to analyze business cycles, gross domestic product, unemployment, inflation, stabilization policies, and related macroeconomic phenomena. The aggregate market, inspired by the standard market model, captures the interaction between aggregate demand (the buyers) and short-run and long-run aggregate supply (the sellers).

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ECONOMIC GROWTH: The long-run expansion of the economy's ability to produce output. This is one of five economic goals, specifically one of the three macro goals (stability and full employment are the other two). Economic growth is made possible by increasing the quantity or quality of the economy's resources (labor, capital, land, and entrepreneurship).

     See also | macro goals | stability | full employment | production | resources | labor | capital | land | entrepreneurship | investment | education | technology | real gross domestic product | production possibilities | aggregate market | long run | economic development |


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ECONOMIC GROWTH, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2023. [Accessed: December 8, 2023].


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MEDIUM OF EXCHANGE

The money function in which money is widely accept in exchange for goods and services. For an asset to function as a medium of exchange it needs value in exchange, but not necessarily value in use. This is one of four basic functions of money. The other three are unit of account, store of value, and standard of deferred payment.

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