Term
|
Definition
| The positive relationship that exists between the employment of labor and the anticipated level of gross domestic income. The monetary value of the gross domestic output the can be generated from the employment of different amounts of labor, given existing conditions of production and competition. |
|
|
Term
|
Definition
| The level of gross income that firms expect to receive from the production and sale of output, given existing conditions of production and competition. |
|
|
Term
|
Definition
| A measure of the general level of wages, the average wage rate. |
|
|
Term
|
Definition
| The rental and interest income that flows to those who lend physical or financial assets. |
|
|
Term
|
Definition
| ratio of property to labor income at normal levels of capacity. |
|
|
Term
|
Definition
| The purchase of final goods for purposes of direct use by all of the households in society |
|
|
Term
|
Definition
| The pattern of consumption spending characteristics of the individuals or households of society. |
|
|
Term
| Government Spending (Purchase |
|
Definition
| Public spending, at all levels of government to purchase goods and services. It excludes public transfer payments. |
|
|
Term
|
Definition
| The difference between exports and imports. |
|
|
Term
| Induced Change In Spending |
|
Definition
| A change in spending due to a change in income or employment. |
|
|
Term
| ffective Demand (Also referred to as short-run macro equilibrium) |
|
Definition
| The point at which aggregate demand meets aggregate supply; the point at which a firm’s revenue, or profit, expectations are realized. |
|
|
