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AGGREGATE PRODUCTION FUNCTION: A relation between the total production of real output for an economy and the amount of labor input. The aggregate production function is comparable to the standard production function used in the microeconomic analysis of firm behavior but is applied to the macroeconomic study of aggregate supply, resource markets, and employment. It is typically assumed to experience diminishing marginal returns, resulting in a decreasing marginal product of labor.
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AGGREGATE DEMAND INCREASE, SHORT-RUN AGGREGATE MARKET A shock to the short-run aggregate market caused by an increase in aggregate demand, resulting in and illustrated by a rightward shift of the aggregate demand curve. An increase in aggregate demand in the short-run aggregate market results in an increase in the price level and an increase in real production. The level of real production resulting from the shock can be greater or less than full-employment real production.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time driving to a factory outlet trying to buy either a weathervane with a cow on top or a box of multi-colored, plastic paper clips. Be on the lookout for door-to-door salesmen.
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Woodrow Wilson's portrait adorned the $100,000 bill that was removed from circulation in 1929. Woodrow Wilson was removed from circulation in 1924.
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"God grants victory to perseverance. " -- Simon Bolivar, South American liberator
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AEC
Annual Equivalent Costs
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