Abbreviations
Used in the
Course

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%D                The percent change in
AD                 Aggregate Demand
AFC               Average Fixed Cots
APC               Average Propensity to Consume
AS                  Aggregate Supply
ATC               Average Total Cost
AVC               Average Variable Cost
CCA               Capital Consumption Allowance
C                    Consumption
COLA            Cost of Living Allowance
CPI                 Consumer Price Index
DPI                 Disposable Personal Income
DOL               Department of Labor
FED                Federal Reserve Board
FOMC            Federal Open Market Committee
G                    Governmental Spending
GDP               Gross Domestic Product
NOM GDP     Nominal Gross Domestic Product
GNP               Gross National Product
NOM GNP     Nominal Gross National Product
I                      Investment
i                      Interest Rate
IBT                 Indirect Business Taxes
LAS                Long Run Aggregate Supply
MS                  Nominal Money Supply
MB                 Marginal Benefit
MC                 Marginal Cost
MD                  Nominal Money Demand
MFC               Marginal Fixed Cost
M/P                Real Money Supply
MPC               Marginal Propensity to Consume
MPP               Marginal Physical Product
MPS               Marginal Propensity to Save
MR                 Marginal Revenue
MRP               Marginal Revenue Product
MRS               Marginal Rate of Substitution
MS                  Money Supply
MSB               Marginal Social Benefit
MSC               Marginal Social Cost
MU                  Marginal Utility
NI                    National Income
NNP                Net National Product
NX                  Net Exports
P                      Price
PC                   Phillips Curve
Pd                    Price of Demand
PI                    Personal Income
PMB                Private Marginal Benefit
PMC                Private Marginal Cost
PPI                   Producers price Index
PQ                    Price x Quantity
Ps                     Price of Supply
PV                    Present value
Q                      Quantity
QD                   Quantity Demanded
QS                    Quantity Supplied
RGDP              Real Gross Domestic Product
RGNP              Real Gross National Product
RR                    Required Reserve Ratio
S                       Saving
SMC                 Social Marginal Cost
SAS                  Short Run Aggregate Supply
T                       Taxes
t                        Tax Rate
TC                    Total Cost
TFC                  Total Fixed Cost
TR                    Total Revenue
TVC                 Total Variable cost
V                       Velocity
VMP                 Value of Marginal Product


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