Absolute (Money) Price

Appreciation An increase in the value of
one currency relative to other currencies.
Arbitrage Buying a good at a low price
and selling it for a higher price.
Asset Anything of value that is owned or
that one has claim to.
Asymmetric Information Information
that either the buyer or the seller in a market
exchange has and that the other does not
have.
Automatic Fiscal Policy Changes in
government expenditures and/or taxes that
occur automatically without (additional)
congressional action.
Autonomous Consumption The part of
consumption that is independent of disposable income.
Average Fixed Cost (AFC) Total fixed
cost divided by quantity of output: AFC 5
TFC/Q.
Average-Marginal Rule When the
marginal magnitude is above the average
magnitude, the average magnitude rises; when
the marginal magnitude is below the average
magnitude, the average magnitude falls.
Average Total Cost (ATC), or Unit Cost
Total cost divided by quantity of output:
ATC 5 TC/Q.
Average Variable Cost (AVC) Total
variable cost divided by quantity of output:
AVC 5 TVC/Q.
B
Bad Anything from which individuals
receive disutility or dissatisfaction.