|Aggregate Production Function|
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Definition of Aggregate Production Function
Aggregate Production Function
An equation determining aggregate output as a function of aggregate inputs such as labor and capital.
The probability function for a continuous random variable.
A function that assigns a probability to each and every possible outcome.
A method of nonrecourse asset-based financing in which a specified
An agreement by the loan purchaser to allow the monthly loan quota to be
A mathematical expression that assigns a value to all possible choices. In portfolio theory the
A depreciation method that relates a machine’s depreciation to the number of units it makes each
A general term referring to period costs, such as selling, administration and financial expenses.
A general term referring to indirect costs.
a process costing document that
an estimate of the number
an approximation of the number of whole units of output that could have been
a separation of costs into groups based on the similar reason for their incurrence; it includes
the linear mathematical equation that
The difference between the actual and budgeted proportions
Total quantity of goods and services demanded.
Aggregate Demand Curve
Combinations of the price level and income for which the goods and services market is in equilibrium, or for which both the goods and services market and the money market are in equilibrium.
Aggregate Expenditure Curve
aggregate demand for goods and services drawn as a function of the level of national income.
Total quantity of goods and services supplied.
Aggregate Supply Curve
Combinations of price level and income for which the labor market is in equilibrium. The short-run aggregate supply curve incorporates information and price/wage inflexibilities in the labor market, whereas the long-run aggregate supply curve does not.
The relationship between consumption demand and disposable income. More generally, it refers to the relationship between consumption demand and all factors that affect this demand.
Factor of Production
A resource used to produce a good or service. The main macroeconomic factors of production are capital and labor.
Any measure of the economy's money supply.
A budgeting process using summary-level information to
The technique of stripping all non-value-added activities from
Process flow production
A production configuration in which products are continually
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