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AGGREGATE DEMAND: The total (or aggregate) real expenditures on final goods and services produced in the domestic economy that buyers would willing and able to make at different price levels, during a given time period (usually a year). Aggregate demand (AD) is one half of the aggregate market analysis; the other half is aggregate supply. Aggregate demand, relates the economy's price level, measured by the GDP price deflator, and aggregate expenditures on domestic production, measured by real gross domestic product. The aggregate expenditures are consumption, investment, government purchases, and net exports made by the four macroeconomic sectors (household, business, government, and foreign).
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FREE RESOURCE: A resource is free if it can produce all of the goods people want or need it to produce... and then some. Being free, however, doesn't mean a resource is not limited. Maybe it's free because people just can"t figure out what to do with it. Or if it is used for production, people don"t want all that's produced. For most of the time across most of this planet air is a free good. In other words, there is plenty of air to go around, plenty of air to satisfy all of the existing wants and needs. Does this mean that air is NOT valuable? Quite the contrary. Air is extremely valuable. It provides one of the most important inputs into human life. It's a free resource because there's enough to go around. See also | scarcity | opportunity cost | goods | services | wants | needs | satisfaction | scarce good | free good | scarce resource |
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FOUR-SECTOR KEYNESIAN MODEL A Keynesian model of the macroeconomy that includes all four macroeconomic sectors, the household sector, the business sector, the government sector, and the foreign sector. This Keynesian model variation adds the foreign to the three domestic sectors (household, business, and government) in the three-sector model. This model provides the complete Keynesian representation of the macroeconomy, including the export-import interaction between the domestic economy and the foreign sector. Equilibrium is identified as the intersection between the C + I + G + (X - M) line and the 45-degree line. Two related variations are the two-sector Keynesian model and the three-sector Keynesian model.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time lost in your local discount super center trying to buy either a box of multi-colored, plastic paper clips or several orange mixing bowls. Be on the lookout for telephone calls from long-lost relatives.
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During the American Revolution, the price of corn rose 10,000 percent, the price of wheat 14,000 percent, the price of flour 15,000 percent, and the price of beef 33,000 percent.
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"Concentrate all your thoughts upon the work at hand. The sun's rays do not burn until brought to a focus." -- Alexander Graham Bell, inventor
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L/C
Letter of Credit
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