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APP: The abbreviation of average physical product, which is the quantity of total output produced per unit of a variable input, holding all other inputs fixed. Average physical product, usually abbreviated APP, is found by dividing total physical product by the quantity of the variable input. Average physical product is actually just another name for average product (AP). But don't be confused by the extra term (physical).
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AGGREGATE EXPENDITURES EQUATION An equation that summarizes the four aggregate expenditures on gross domestic product by the four macroeconomic sectors. In the study of Keynesian economics, this equation is commonly used to summarize the demand side of the macroeconomy. The aggregate expenditures equation actually comes in three different versions depending on how many of the four sectors and their expenditures are included.
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BLACK DISMALAPOD
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Today, you are likely to spend a great deal of time at an auction trying to buy either a T-shirt commemorating the first day of winter or software that won't crash your computer. Be on the lookout for deranged pelicans.
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Ragnar Frisch and Jan Tinbergen were the 1st Nobel Prize winners in Economics in 1969.
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"Every generation of Americans needs to know that freedom exists not in doing what we like, but in having the right to do what we ought. " -- Pope John Paul II
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FHLBB
Federal Home Loan Bank Board
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