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CHANGE IN AGGREGATE DEMAND: A shift of the aggregate demand curve caused by a change in one of the aggregate demand determinants. In essence, a change in aggregate demand is caused by any factor affecting aggregate demand EXCEPT the price level. This concept should be contrasted directly with a change in aggregate expenditures. You might also want to review the terms change in quantity demanded and change in demand, as well. The change in aggregate demand is comparable to the change in market demand. A change in aggregate demand is a change in ALL price level-aggregate expenditure combinations, meaning that each price level is matched up with a different aggregate expenditure (which is illustrated as a shift of the aggregate demand curve). This change in aggregate demand is caused by a change in any of the aggregate demand determinants. In contrast, a change in aggregate expenditures is a change from one price level-aggregate expenditure combination to the another (which is illustrated as a movement along a given aggregate demand curve).
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AVERAGE VARIABLE COST Total variable cost per unit of output, found by dividing total variable cost by the quantity of output. When compared with price (per unit revenue), average variable cost (AVC) indicates whether or not a profit-maximizing firm should shut down production in the short run. Average variable cost is one of three average cost concepts important to short-run production analysis. The other two are average total cost and average fixed cost. A related concept is marginal cost.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway seeking to buy either a flower arrangement with anything but tulips for your grandfather or a birthday greeting card for your mother that doesn't look like a greeting card. Be on the lookout for slow moving vehicles with darkened windows.
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The first "Black Friday" on record, a friday marked by a major financial catastrophe, occurred on September 24, 1869 -- A FRIDAY -- when an attempted cornering of the gold market induced a financial crises and economy-wide depression.
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"The greater danger for most of us is not that our aim is too high and we miss it, but that it is too low and we reach it." -- Michelangelo Buonarroti, Painter and Sculptor
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HKFE
Hong Kong Futures Exchange
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