The figure below shows the short-run aggregate demand and supply curves of an economy.In this figure,the distance between Y1 and Y2 represents:
Figure 10.2
Definitions:
Incurred
Costs or expenses that a company has obtained or become responsible for as a result of its operations.
Accrual-Basis Accounting
An accounting method where revenue and expenses are recorded when they are earned or incurred, regardless of when the cash is received or paid.
Deferred Revenue
Income received by a company for goods or services yet to be delivered or performed, recognized as a liability until the obligation is fulfilled.
Unearned Rent
is income received by a landlord for rent that has been paid in advance by a tenant but has not yet been earned.
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