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Economics by Terry Hillman

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APPENDIXA

Glossary

absolute advantage  When an individual or country is better at producing something than its trading partner.

accounting profit  The revenue of a business minus the explicit costs and depreciation.

actual unemployment  Natural unemployment plus the cyclical unemployment.

aggregate demand  The total amount of goods and services demanded in the economy at a given overall price level and in a given time period.

aggregate demand curve  A curve on a graph that shows the relationship between the aggregate price level and the quantity of aggregate output demanded by households, businesses, the government, and the rest of the world.

aggregate supply  The total supply of goods and services produced within an economy at a given overall ...

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