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TP: The abbreviation for total product, which is the total quantity of output produced by a firm for a given quantity of inputs. Total product is the foundation upon which the analysis of short-run production for a firm is analyzed. The usual framework is to analyze total product when in a variable input (labor) changes, for a given amount of a fixed input (capital). Two related concepts derived from total product are average product and marginal product.
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PROSPERITY: A period of sustained growth that often lasts for a decade or two. A prosperity usually includes several separate business cycles, each with relative mild recessions and very vigorous, healthy expansions. The United States enjoyed prosperity from the late-1940s into the mid-1960s, a period that many look fondly on as our "golden age." The prosperity of this period, as is often the case, was the direct aftermath of a severe depression. In particular, the restructuring needed to achieve a period of extended prosperity was a hallmark of the Great Depression of the 1930s. See also | business cycles | expansion | contraction | recession | depression | institution |
Recommended Citation:PROSPERITY, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2025. [Accessed: May 23, 2025].
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AGGREGATE MARKET SHOCKS Disruptions of the equilibrium in the aggregate market (or AS-AD model) caused by shifts of the aggregate demand, short-run aggregate supply, or long-run aggregate supply curves. Shocks of the aggregate market are associated with, and thus used to analyze, assorted macroeconomic phenomena such as business cycles, unemployment, inflation, stabilization policies, and economic growth. The specific analysis of aggregate market shocks identifies changes in the price level (GDP price deflator) and real production (real GDP). Changes in the price level and real production have direct implications for the unemployment rate, the inflation rate, national income, and a host of other macroeconomic measures.
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ORANGE REBELOON
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Today, you are likely to spend a great deal of time at a garage sale looking to buy either a green and yellow striped sweater vest or a Boston Red Sox baseball cap. Be on the lookout for the happiest person in the room.
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Paper money used by the Commonwealth of Massachusetts prior to the U.S. Revolutionary War, which was issued against the dictates of Britain, was designed by patriot and silversmith, Paul Revere.
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"There is no passion to be found playing small ‚ in settling for a life that idles than the one you are capable of living." -- Nelson Mandela
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USDA
United States Department of Agriculture
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