The Process of Adding Together Individual Economic Variables to Obtain

question 32

Multiple Choice

The process of adding together individual economic variables to obtain economywide totals is called

• A)macroeconomics.
• B)aggregation.
• C)agglomeration.
• D)data development.

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Definitions:

Labor Supply Curve

A graphical representation showing the relationship between the quantity of labor supplied and the wage rate in a given market.

Equilibrium

A state in a market where supply equals demand, with no external forces causing disruption, hence prices tend to stabilize.

Labor Supply

The cumulative hours that workforce members are eager and able to dedicate to work, provided a set wage.

Marginal Productivity

The additional output resulting from the use of one more unit of a production factor.