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AGGREGATE: A common modifier for an assortment of economic terms used in the study of macroeconomics that signifies a comprehensive, often national, total value. This modifier most often surfaces in the study of the AS-AD, or "aggregate market", model of the economy with such terms as aggregate demand and aggregate supply. For example, aggregate demand indicates the total demand for production in the macroeconomy and aggregate supply indicates the total amount of that output produced. Two other noted "aggregate" terms are aggregate expenditures and aggregate production function.
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Lesson Contents
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Unit 1: The Macroeconomy |
Unit 2: Macro Problems |
Unit 3: Business Cycles |
Unit 4: Policies |
Unit 5: Issues |
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Macro Basics
In lesson, we move into the formal study of macroeconomics, laying the groundwork for lessons to come. In particular, this lesson introduces several important macroeconomics concepts and notions. Among the list of more important notions are the role an economy plays in the study of macroeconomics, the two key macroeconomic problems of inflation and unemployment, how these problems are related business-cycle instability, and economic stabilization policies designed to correct these problems. - The first unit of this lesson lays the foundation of for the study of macroeconomics, introducing the nature of an economy and providing a little information about the U.S. economy.
- In the second unit, we examine some of the more notable macroeconomics problems, especially production, unemployment, and inflation.
- We then take a look at the importance of business cycles in the macroeconomy, including recent trends in business cycle activity and a few potential business cycle causes.
- The fourth unit then examines the role that economic policies play in the macroeconomy.
- The firth unit wraps up this lesson with a few thoughts about the connection between political philosophies, economic policies, and economic theories.
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AGGREGATE MARKET An economic model relating the price level and real production that is used to analyze business cycles, gross production, unemployment, inflation, stabilization policies, and related macroeconomic phenomena. The aggregate market, inspired by the standard market model, but adapted to the macroeconomy, captures the interaction between aggregate demand (the buyers) and short-run and long-run aggregate supply (the sellers). Also known by the names AS-AD model or income-price model, the aggregate market is THE cornerstone model of macroeconomic analysis.
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BROWN PRAGMATOX [What's This?]
Today, you are likely to spend a great deal of time searching for rummage sales looking to buy either income tax software or a how-to book on the art of negotiation. Be on the lookout for strangers with large satchels of used undergarments. Your Complete Scope
This isn't me! What am I?
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General Electric is the only stock from the original 1896 Dow Jones Industrial Average remaining in the current index.
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"Good judgment comes from experience, and often experience comes from bad judgment." -- Rita Mae Brown ‚ Writer
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NAA National Association of Accountants
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