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TOTAL PHYSICAL PRODUCT: The total quantity of output produced by a firm for a given quantity of inputs. Total physical product is actually nothing more than a fancy term for total product. The additional of the second term physical merely keeps the phrase consistent with average physical product and marginal physical product, two terms useful in marginal productivity theory and the analysis of factor demand. However, average physical product and marginal physical product are really just average product and marginal product.
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AGGREGATE DEMAND INCREASE, LONG-RUN AGGREGATE MARKET A shock to the long-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 long-run aggregate market results in an increase in the price level but no change in real production. The level of real production resulting from the aggregate demand shock is full-employment real production.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time watching infomercials trying to buy either a wall poster commemorating the 2000 Olympics or a flower arrangement with a lot of roses for your grandmother. Be on the lookout for slow moving vehicles with darkened windows.
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This isn't me! What am I?
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The New York Stock Exchange was established by a group of investors in New York City in 1817 under a buttonwood tree at the end of a little road named Wall Street.
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"My future starts when I wake up every morning . . . Every day I find something creative to do with my life. " -- Miles Davis, musician
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G7
Group of Seven
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