Exhibit 11-1
-Given aggregate demand and aggregate supply schedule #1 in Exhibit 11-1, the equilibrium level of output is
Definitions:
Expectancy-Value Theory
The theory that effort is based on the value or desirability of the goal, multiplied by the person’s assessment of how likely it is that she will be able to attain the goal.
Desirability
The quality of being wanted or wished for as appealing, attractive, or necessary.
Achievable
Refers to a goal or task that is possible to accomplish or attain with the available resources, skills, or conditions.
Transferred Excitation
a psychological phenomenon where arousal from one situation is carried over and influences reactions in another situation.
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