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AGGREGATE SUPPLY DETERMINANTS: An assortment of ceteris paribus factors that affect both short-run aggregate supply and long-run aggregate supply, but which are assumed constant when the short-run and long-run aggregate supply curves are constructed. Changes in any of the aggregate supply determinants cause the short-run and long-run aggregate supply curves to shift. While a wide variety of specific ceteris paribus factors can cause the aggregate supply curves to shift, it's usually most convenient to group them into three broad categories -- resource quantity, resource quality, and resource prices.
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Lesson Contents
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Unit 1: Instability |
Unit 2: A Simple Cycle |
Unit 3: Measurement |
Unit 4: Causes |
Unit 5: Policies |
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Business Cycles
To purpose of this lesson is to examine the nature and causes of macroeconomic instability, which goes by the handy title business cycles. Business cycles are the recurring expansions and contractions of economic activity that generate the problems of unemployment and inflation. This lesson explores how business cycles can be stabilized with the goal of lessening unemployment and inflation. - The notion of business cycles is introduced in the first unit of this lesson, with an eye on what they are and why they are important to study.
- The four components of a standard, simple business cycle -- expansion, peak, contraction, and trough -- are then presented and discussed in the second unit.
- The third unit is devoted to several key measures of business cycle activity, especially leading, lagging, and coincident indicators.
- A couple of the most often discussed causes of business-cycle instability -- investment and politics -- are discussed in the fourth unit.
- The fifth unit closes out this lesson with an introduction to the expansionary and contractionary economic policies used to stabilize business cycles.
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INTEREST RATES, AGGREGATE DEMAND DETERMINANT One of several specific aggregate demand determinants assumed constant when the aggregate demand curve is constructed, and that shifts the aggregate demand curve when it changes. An increase in interest rates cause a decrease (leftward shift) of the aggregate curve. A decrease in interest rates an increase (rightward shift) of the aggregate curve. Other notable aggregate demand determinants include the federal deficit, inflationary expectations, and the money supply.
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GREEN LOGIGUIN [What's This?]
Today, you are likely to spend a great deal of time browsing about a thrift store trying to buy either software that won't crash your computer or any book written by Stephan King. Be on the lookout for neighborhood pets, especially belligerent parrots. Your Complete Scope
This isn't me! What am I?
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It's estimated that the U.S. economy has about $20 million of counterfeit currency in circulation, less than 0.001 perecent of the total legal currency.
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"An idea is never given to you without you being given the power to make it reality." -- Richard Bach, Author
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JLEO Journal of Law, Economics and Organization
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