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The market presenting demand
and supply curves for aggregate output, with quantities demanded and
supplied expressed as a function of price.
The function relating
aggregate output to labor and capital inputs.
The stock of producers'
plants, equipment, and inventories plus residential housing.
The condition which exists
when equal percentage increases in the inputs !o a production process
result in the same percentage increase in output.
The diminishing increments
in output that result when successive increments of labor input are added
to a production process while other inputs are held constant.
The condition which exists
when the ratios the various inputs to a production process bear to one
another are unchanging.
Programs which sustain
income during periods of unemployment.
The market presenting hours
of labor services demanded and supplied plotted against the real wage.
The increase in aggregate
output which occurs when a unit of labor services is added to the
production process with other productive factors held constant.
Inflation resulting from an
application of market power by a producer monopoly.
The money wage divided by
the price level.
An improved manner of
production, permitting a greater amount of output to be obtained For given
Factor inputs. It can arise From new techniques, machines, materials, or
energy resources or from improvements in labor quality.
Inflation which occurs even
without an expenditure gap because of wage bargains involving increases in
money wages in excess of increases in labor productivity.
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