Glossary. 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

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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. It is represented by the aggregate-demand curve, which describes the relationship between price levels and the quantity of output that firms are willing to provide. Normally there is a negative relationship between aggregate demand and the price level. Also known as " total spending".

Aggregate supply - the total supply of goods and services produced within an economy at a given overall price level in a given time period. It is represented by the aggregate-supply curve, which describes the relationship between price levels and the quantity of output that firms are willing to provide. Normally, there is a positive relationship between aggregate supply and the price level. Rising prices are usually signals for businesses to expand production to meet a higher level of aggregate demand. Also known as " total output".

Assert - to state with assurance, confidence, or force; state strongly or positively; affirm; aver: He asserted his innocence of the crime.

Authority - a power to act esp. over others that derives from status, position, or office authority of the president; the power to act that is officially or formally granted (as by statute, corporate bylaw, or court order) authority; power and capacity to act granted by someone in a position of control; specifically: the power to act granted by a principal to his or her agent.

Code - a systematic compilation or revision of law or legal principles that is arranged esp. by subject: one that contains the law of a specific jurisdiction or topic promulgated by legislative authority.

Coercion - the use of express or implied threats of violence or reprisal (as discharge from employment) or other intimidating behavior that puts a person in immediate fear of the consequences in order to compel that person to act against his or her will; also: the defense that one acted under coercion.

Curricula - the aggregate of courses of study given in a school, college, university, etc.: The school is adding more science courses to its curriculum.

Decent - conforming to the recognized standard of propriety, good taste, modesty, etc., as in behavior or speech.

Elevation - the vertical distance between a standard reference point, such as sea level, and the top of an object or point on the Earth, such as a mountain. At 8, 850 m (29, 028 ft), the summit of Mount Everest is the highest elevation on Earth.

Eradicate - to remove or destroy utterly; extirpate: to eradicate smallpox throughout the world.

Escalation - an increase in the intensity or geographical scope of a war or diplomatic confrontation. For example, during the Korean War, some Americans urged escalation of the war through bombing of the People's Republic of China.

Governance - government; exercise of authority; control; a method or system of government or management.

Income redistribution - the redistribution of wages earned across a company, industry, or country. Income distribution reveals what percentage of individuals are at various wage levels, information that can reveal more about overall wage patterns than average income can.

Judge - to form a judgment or opinion of; decide upon critically: You can't judge a book by its cover.

Justification - a reason, fact, circumstance, or explanation that justifies or defends: His insulting you was ample justification for you to leave the party.

Legacy - generally a gift of property by will or testament. The term is used to denote the disposition of either personal or real property in the event of death.

Mandate - a command or authorization to act in a particular way on a public issue given by the electorate to its representative: The president had a clear mandate to end the war.

Owe - to be under obligation to pay or repay: to owe money to the bank; to owe the bank interest on a mortgage.

Perennial - lasting for an indefinitely long time; enduring: her perennial beauty.

Property rights - principles, policies, and rules by which disputes over property are to be resolved and by which property transactions may be structured.

Proprietor - one who has legal right or exclusive title to something: owner; also: one (as a lessee) having an interest (as control or present use) less than absolute or exclusive right.

Public servant - a person holding a government office or job by election or appointment; person in public service. British equivalent: civil servant a member of the public service.

Public service - the business of supplying an essential commodity, as gas or electricity, or a service, as transportation, to the general public. British equivalent: civil service - the service responsible for the public administration of the government of a country. It excludes the legislative, judicial, and military branches. Members of the public service have no official political allegiance and are not generally affected by changes of governments.

Redistribution (Economics) - the theory, policy, or practice of lessening or reducing inequalities in income through such measures as progressive income taxation and antipoverty programs.

Revenue - the income of a government from taxation, excise duties, customs, or other sources, appropriated to the payment of the public expenses.

Slash - to cut with a violent sweeping stroke or by striking violently and at random, as with a knife or sword.

Sluggish - indisposed to action or exertion; lacking in energy; lazy; indolent: a sluggish disposition.