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AGGREGATE DEMAND CURVE: A graphical representation of the relation between aggregate expenditures on real production and the price level, holding all ceteris paribus aggregate demand determinants constant. The aggregate demand, or AD, curve is one side of the graphical presentation of the aggregate market. The other side is occupied by the aggregate supply curve (which is actually two curves, the long-run aggregate supply curve and the short-run aggregate supply curve). The negative slope of the aggregate demand curve captures the inverse relation between aggregate expenditures on real production and the price level. This negative slope is attributable to the interest-rate effect, real-balance effect, and net-export effect.
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IN-KIND PAYMENTS A payment, usually in exchange for the productive efforts of resources, that takes the form of goods and services produced by the resource buyer rather than the economy's standard monetary unit (that is, dollars). In other words, resource owners are compensated with a portion of the output that they help to produce. The standard method of compensation, which is illustrated by the circular flow model, is for a firm to pay resource owners using money revenue received from selling its production. Hence most factor payments are monetary payments. However, in some circumstances firms and resource owners find it more convenient to use actual production for compensation, eliminating the sell-production-for-money step.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time touring the new suburban shopping complex looking to buy either a weathervane with a horse on top or a case of blank recordable DVDs. Be on the lookout for the last item on a shelf.
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The Dow Jones family of stock market price indexes began with a simple average of 11 stock prices in 1884.
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"There is no twilight zone of honesty in business. A thing is right or it's wrong. It's black or it's white. " -- John F. Dodge, automaker
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JPAM
Journal of Policy Analysis and Management
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