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December 15, 2018 

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AMERICAN ECONOMIC ASSOCIATION: An organization of over 25,000 professional economists. Founded in 1885, this premier top-of-the-economic-association-list publishes the prestigious American Economic Review, arguably THE number one scholarly U.S. economic journal and the Journal of Economic Literature, arguably THE number one index of economic journal publications. The AEA, as acronymically inclined economists call it, also sponsors an annual conference where professional economists present scholarly papers on their latest scholarly research.

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Lesson Contents
Unit 1: Buying Basics
  • The Concept
  • Demand Price
  • Quantity Demanded
  • Unit 1 Summary
  • Unit 2: Law of Demand
  • Definition
  • Income Effect
  • Substitution Effect
  • Unit 2 Summary
  • Unit 3: Demand Curve
  • Schedule
  • Curve
  • Space
  • Unit 3 Summary
  • Unit 4: Determinants
  • Ceteris Paribus Factors
  • Shifters: Increase
  • Shifters: Decrease
  • Types
  • Ch...Ch...Changes
  • Unit 4 Summary
  • Unit 5: Scarcity
  • Unlimited Wants
  • Unit 5 Summary
  • Unit 6:
  • Unit 6 Summary
  • Course Home
    Demand

    This lesson on demand offers a little insight into the purchases of a wide range of goods. In fact, this demand topic is does more than offer insight into buying behavior. It's also one half of the market analysis -- the other half being supply. And market analysis is one of the most widely used tools in the study of economics. Economists explain a lot of economic phenomenon using markets. But to use markets, we need demand. And that brings us back to this lesson.

    • In the first unit of this lesson we examine the basic concept of demand. While you've likely come across the term demand before, we'll see the specific way the term is used in economics.
    • The second unit then takes a look at the law of demand, which is one of the most important and most fundamental economic principles that we'll encounter.
    • As we more on to the third unit, our attention turns to the demand curve, which is the graphical embodiment of the demand concept.
    • In the fourth unit, we examine how the five basic demand determinants cause the demand curve to shift from one location to another.
    • And finally in the fifth unit, we make a connection between demand and the fundamental problem of scarcity.

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    AGGREGATE DEMAND INCREASE, LONG-RUN AGGREGATE MARKET

    A shock to the long-run aggregate market caused by an increase in aggregate demand resulting in and illustrated by a rightward shift of the aggregate demand curve. An increase in aggregate demand in the long-run aggregate market results in an increase in the price level but no change in real production. The level of real production resulting from the aggregate demand shock is full-employment real production.

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    APLS

    BLACK DISMALAPOD
    [What's This?]

    Today, you are likely to spend a great deal of time at a crowded estate auction looking to buy either a T-shirt commemorating last Friday (you know why) or a rotisserie oven that can also toast bread. Be on the lookout for vindictive digital clocks with revenge on their minds.
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    Helping spur the U.S. industrial revolution, Thomas Edison patented nearly 1300 inventions, 300 of which came out of his Menlo Park "invention factory" during a four-year period.
    "Our goals can only be reached through a vehicle of a plan, in which we must fervently believe, and upon which we must vigorously act. There is no other route to success. "

    -- Pablo Picasso, artist

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