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Aggregate demand curve
A graphical representation of Aggregate demand, showing the relationship between Demand for goods and the Price levels in an economy. Generally, this curve shows a negative relationship.

Aggregate market
A model generally used to understand macro economic phenomena, it shows the relationship between price levels and the real production level

Aggregate output
Another synonym for Gross Domestic Product. The aggregate of goods and services produced in an economy in a given period of time.

Aggregate supply
The aggregate of goods and services produced in an economy in a give time period.

Aggregate supply curve
The graphical representation of Aggregate supply highlighting the relationship between the price level and production in the economy.

Agrarian
relates to land; ownership, division or agriculture.

Allocative efficiency
Such efficiency is achieved when the unlimited wants in the economy are satisfied by the limited resources.

Annuity
payment of a sum of money at regular periodic intervals.

Antidumping duty
A tarriff imposed on one country by another for exporting goods as a target for dumping. Dumping is called when a country sells good in another at a price which is below its production cost.

APC
Average Propensity to consume.

AR
Avergage Revenue. The revenue received on the sale of goods, per unit.

Arbitrage
The process of purchasing a good from one financial market and selling it in another in order to have an advantage by virtue of price differences.

AS
The aggregate of goods and services produced in an economy in a give time period.

ASEAN
Association of South-East Asian Nations, a sub-regional association of Indonesia, Malaysia, Philippines, Singapore and Thailand.

ATC
Avergage Total Cost. It is the total cost per unit of output.

Autonomous government purchases
Purchases made by governments which are not related to both income or production. These purchases would be made even if the national income was naught.

Average-cost pricing
A pricing policy where the price is equal to the average cost of production and distribution

Average total cost
Total cost per unit of output. Obtained by the summation of Average Fixed Cost and Average Variable Cost.

Average variable cost
It is the total variable cost per output. Obtained by dividing Total Variable cost with quantity of output.

AVC
Average Variable Cost. It is the total variable cost per output. Obtained by dividing Total Variable cost with quantity of output.

 

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