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NATIONAL INCOME AND NET DOMESTIC PRODUCT: National income (NI) is the total income earned by the citizens of the national economy resulting from their ownership of resources used in the production of final goods and services during a given period of time, usually one year. Net domestic product (NDP) is the total market value of all final goods and services produced within the political boundaries of an economy during a given period of time, usually a year, after adjusting for the depreciation of capital. Although national income is generated by the production of net domestic product, the value of production does not entirely result in earned income. In other words, national income can be derived from net domestic product after a few adjustments.
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SELF-CORRECTION, AGGREGATE MARKET: The automatic process through which the aggregate market adjusts from short-run equilibrium to long-run equilibrium. Self-correction results through shifts of the short-run aggregate supply curve caused by changes in wages and other resource prices. Short-run equilibrium in the aggregate market is characterized by inflexible or rigid resource prices, especially wages. This creates temporary imbalances in resource markets, especially unemployment and overemployment of labor. Self-correction is the process in which these temporary imbalances are eliminated through flexible prices and the aggregate market achieves long-run equilibrium. You might want to compare this process to self correction, market. See also | aggregate market | short-run aggregate market | long-run aggregate market | short-run aggregate supply curve | aggregate supply determinants | wage | resource prices | resource prices | inflationary gap | recessionary gap | self-correction, inflationary gap | self-correction, recessionary gap | self-correction, market | full employment | surplus | shortage |
Recommended Citation:SELF-CORRECTION, AGGREGATE MARKET, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2025. [Accessed: December 8, 2025].
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AVERAGE REVENUE CURVE A curve that graphically represents the relation between average revenue received by a firm for selling its output and the quantity of output sold. Because average revenue is essentially the price of a good, the average revenue curve is also the demand curve for a firm's output. The average revenue curve for a firm with no market control is horizontal. The average revenue curve for a firm with market control is negatively sloped.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time at a flea market trying to buy either a how-to book on surfing the Internet or a computer that can play music and burn CDs. Be on the lookout for letters from the Internal Revenue Service.
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A scripophilist is one who collects rare stock and bond certificates, usually from extinct companies.
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"If you don't know where you are going, any road will get you there." -- Lewis Carroll, writer
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LRTC
Long Run Total Cost
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