At efficiency in the Keynesian Cross, this equals the total output of an economy. An externality is beneficial if the social type of this is higher than the private type. A Giffen Good has an upward sloping curve that measures this, while Say's law states that this is created by the presence of a good. Price elasticity is computed by dividing change in price over change in this variable, which can be measured as an individual's marginal utility for consumption of a good.
At efficiency in the Keynesian Cross, this equals the total output of an economy. An externality is beneficial if the social type of this is higher than the private type. A Giffen Good has an upward sloping curve that measures this, while Say's law states that this is created by the presence of a good. Price elasticity is computed by dividing change in price over change in this variable, which can be measured as an individual's marginal utility for consumption of a good. For 10 points, identify this measurement of desire for a good, often paired with supply.
At efficiency in the Keynesian Cross, this equals the total output of an economy.