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Financial Terms | |
Aggregate Production Function |
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Definition of Aggregate Production FunctionAggregate Production FunctionAn equation determining aggregate output as a function of aggregate inputs such as labor and capital.
Related Terms:Aggregate DemandTotal quantity of goods and services demanded. Aggregate Demand CurveCombinations 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 Curveaggregate demand for goods and services drawn as a function of the level of national income. Aggregate planningA budgeting process using summary-level information to Aggregate SupplyTotal quantity of goods and services supplied. Aggregate Supply CurveCombinations 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. Consumption FunctionThe relationship between consumption demand and disposable income. More generally, it refers to the relationship between consumption demand and all factors that affect this demand. ![]() cost of production reporta process costing document that economic production run (EPR)an estimate of the number equivalent units of production (EUP)an approximation of the number of whole units of output that could have been Factor of ProductionA resource used to produce a good or service. The main macroeconomic factors of production are capital and labor. functional classificationa separation of costs into groups based on the similar reason for their incurrence; it includes Lean productionThe technique of stripping all non-value-added activities from Monetary AggregateAny measure of the economy's money supply. Non-production overheadA general term referring to period costs, such as selling, administration and financial expenses. objective functionthe linear mathematical equation that Probability density functionThe probability function for a continuous random variable. Probability functionA function that assigns a probability to each and every possible outcome. Process flow productionA production configuration in which products are continually Production-flow commitmentAn agreement by the loan purchaser to allow the monthly loan quota to be Production overheadA general term referring to indirect costs. Production payment financingA method of nonrecourse asset-based financing in which a specified Production yield varianceThe difference between the actual and budgeted proportions UNITS OF PRODUCTIONA depreciation method that relates a machine’s depreciation to the number of units it makes each Utility functionA mathematical expression that assigns a value to all possible choices. In portfolio theory the Related to : financial, finance, business, accounting, payroll, inventory, investment, money, inventory control, stock trading, financial advisor, tax advisor, credit. |