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CARIBBEAN COMMUNITY: The Caribbean Community (CARICOM) is a subregional organization that was established by the Treaty of Chaguaramas signed in 1973 by Barbados, Jamaica, Guyana and Trinidad & Tobago. Currently, the CARICOM has 15 country members all from the Caribbean region and several non-Caribbean countries that serve as external observers. The Community has several objectives like achieving improved standards of living and work, expansion of trade and economic relations with third States, accelerated, coordinated and sustained economic development and convergence, etc.

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Lesson Contents
Unit 1: The Concept
  • What It Is
  • Circular Flow
  • Unit 1 Summary
  • Unit 2: Doing More
  • Expenditures
  • Consumption Expenditures
  • Investment Expenditures
  • Government Purchases
  • Net Exports
  • Unit 2 Summary
  • Unit 3: The Curve
  • Highlights
  • Slope
  • Real-Balance Effect
  • Interest-Rate Effect
  • Net-Export Effect
  • Unit 3 Summary
  • Unit 4: Determinants
  • Instability
  • Shifts: Increase
  • Shifts: Decrease
  • Unit 4 Summary
  • Unit 5: Policies Plus
  • Business Cycles
  • Policies
  • Unit 5 Summary
  • Course Home
    Aggregate Demand

    This lesson introduces aggregate demand, the demand-side of the aggregate market. The aggregate market is the key model used to explain and analyze the workings of the macroeconomy and aggregate demand is a critical half of this model (the other is aggregate supply). Taking a clue from market demand, this lesson examines the nature of aggregate demand, including the relation between the price level and aggregate expenditures, the reason the aggregate demand curve is negatively sloped, and the assorted aggregate demand determinants that cause the aggregate demand curve to shift.

    • The first unit of this lesson introduces the concept of aggregate demand and how it fits into the study of macroeconomics in terms of the aggregate market and circular flow.
    • In the second unit, we example the four aggregate expenditures -- consumption, investment, government purchases, and net exports -- the make up aggregate demand.
    • The third unit then examines the aggregate demand curve that captures the aggregate demand relation between the price level and aggregate expenditures, especially the importance of the real-balance, interest-rate, and net-export effects.
    • A look at the assorted aggregate demand determinants that shift the aggregate demand curves is the topic of the fourth lesson.
    • We end this lesson in the fifth unit with a look how demand-management policies work to stabilize business cycles through aggregate demand.

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    MARGINAL REVENUE CURVE

    A curve that graphically represents the relation between the marginal revenue received by a firm for selling its output and the quantity of output sold. A firm maximizes profit by producing the quantity of output found at the intersection of the marginal revenue curve and marginal cost curve. The marginal revenue curve for a firm with no market control is horizontal. The marginal revenue curve for a firm with market control is negatively sloped and lies below the average revenue curve.

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    YELLOW CHIPPEROON
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    Today, you are likely to spend a great deal of time calling an endless list of 800 numbers trying to buy either a rechargeable battery for your cell phone or a T-shirt commemorating the 2000 Olympics. Be on the lookout for poorly written technical manuals.
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    This isn't me! What am I?

    Cyrus McCormick not only invented the reaper for harvesting grain, he also invented the installment payment for selling his reaper.
    "Think not of yourself as the architect of your career but as the sculptor. Expect to have to do a lot of hard hammering and chiseling and scraping and polishing. "

    -- B. C. Forbes, founder, Forbes magazine

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