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GOVERNMENT PURCHASES: Expenditures on final goods and services (that is, gross domestic product) undertaken by the government sector. Government purchases are used to operate the government (administrative salaries, etc.) and to provide public goods (national defense, highways, etc.). Government purchases do not include other government spending for transfer payments. These are expenditures on final goods by all three levels of government: federal, state, and local governments. Government purchases are financed by a mix of taxes and borrowing.
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Lesson Contents
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Unit 1: Adjustments |
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Unit 2: Determinants |
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Unit 3: Single Shifts |
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Unit 4: Double Shifts |
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Unit 5: Cause and Effect | |
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Market Shocks
Our goal in this lesson is to investigate disruptions of the market. Specifically, we want to use the market model previously developed, to examine the why and how of market shocks. What causes market shocks? How to markets react when shocked? These are just a few of the questions we want to consider. If the truth be known, markets in the real world don't remain at the same locations for very long. They move. They adjust. Prices change. Quantities change. We can understand these real world market changes, by analyzing what happens to market model when it's shocked. - The first unit of this lesson lays the foundation of analyzing market shorts with an overview of the adjustment process and the particular role played by the ceteris paribus assumption.
- In the second unit, we review the five determinants of demand and five determinants of supply, because these are the are what cause market disruptions.
- We then move into the actual adjustment process in the third unit, examining the four basic disruptions involving a shift in either the demand or supply curve.
- The fourth unit builds on these four basic shifts to exam four complex shifts that have simultaneous shifts in both the demand and supply curves.
- We end this lesson in the fifth unit by relating these market shocks to the fundamental notion of cause and effect inherent in the study of economic science.
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ECONOMIC REPORT OF THE PRESIDENT An annual report of the economic performance of the U.S. economy written by the Chairman of the Council of Economic Advisors (CEA). It provides an overview of the nation's economic progress. A goal of the report is to provide the President with objective economic analysis and advice on the development and implementation of a wide range of domestic and international economic policy issues. The Council of Economic Advisors, the governmental body responsible for the report, was established by the Employment Act of 1946. The Economic Report of the President has been published every year since 1950.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time surfing the Internet hoping to buy either a pair of handcrafted oven mitts or a coffee table shaped like the state of Florida. Be on the lookout for rusty deck screws.
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Before 1933, the U.S. dime was legal as payment only in transactions of $10 or less.
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"In the business world, everyone is paid in two coins: cash and experience. Take the experience first; the cash will come later. " -- Harold S. Green, MCI founder
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AER
American Economic Review
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