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LRAS CURVE: The abbreviation of long-run aggregate supply, which is the long-run relation between real production and the price level, holding all ceteris paribus aggregate supply determinants constant. The LRAS curve is one of two curves that graphical capture the supply-side of the aggregate market; the other is the short-run aggregate supply curve (SRAS). The demand-side of the aggregate market is occupied by the aggregate demand curve. The vertical LRAS curve captures the independent relation between real production and the price level that exists in the long run.

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Lesson Contents
Unit 1: The Macroeconomy
  • An Economy
  • Macroeconomics
  • Unit 1 Summary
  • Unit 2: Macro Problems
  • The Goals
  • Unemployment
  • Inflation
  • Unit 2 Summary
  • Unit 3: Business Cycles
  • Instability
  • Causes
  • Unit 3 Summary
  • Unit 4: Policies
  • Government
  • Viewpoints
  • Unit 4 Summary
  • Unit 5: Issues
  • Policies
  • Theories
  • Unit 5 Summary
  • Course Home
    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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    ECONOMIC PROFIT

    The difference between the total opportunity cost of production and the total revenue received by a firm. Economic profit is what remains after ALL opportunity cost associated with production (including a normal profit) is deducted from the revenue generated by the production. Economic profit is one of three alternative notions of profit. The other two are accounting profit and normal profit.

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    APLS

    GRAY SKITTERY
    [What's This?]

    Today, you are likely to spend a great deal of time wandering around the downtown area looking to buy either a 50 foot extension cord or a combination CD player, clock radio, and telephone (with answering machine). Be on the lookout for high interest rates.
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    This isn't me! What am I?

    The first "Black Friday" on record, a friday marked by a major financial catastrophe, occurred on September 24, 1869 -- A FRIDAY -- when an attempted cornering of the gold market induced a financial crises and economy-wide depression.
    "The majority of men meet with failure because of their lack of persistence in creating new plans to take the place of those that fail. "

    -- Napoleon Hill, author

    DBD
    Declining Balance Depreciation
    A PEDestrian's Guide
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