October 4, 2015 

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KEYNESIAN AGGREGATE SUPPLY CURVE: A modification of the standard aggregate supply curve used in the aggregate market (or AD-AD) analysis to reflect the basic assumptions of Keynesian economics. The Keynesian aggregate supply curve contains either two or three segments. The strict Keynesian aggregate supply curve contains two segments, a vertical classical range and a horizontal Keynesian range, meeting a right angle and forming a reverse L-shape. An alternative version replaces the right angle intersection with a gradual transition between the two segments that is positively sloped and termed the intermediate range. The modern aggregate supply curve is largely based on this intermediate range.

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Menu of Lessons
A. Introduction
  • Economic Basics
  • Economic Science
  • Scarcity
  • Production Possibilities

  • B. The Market
  • Demand
  • Supply
  • Market
  • Market Shocks

  • C. Behind Demand
  • Consumer Demand
  • Utility and Demand
  • Elasticity Basics
  • Elasticity and Demand

  • D. Behind Supply
  • The Firm
  • Production
  • Cost
  • Perfect Competition

  • E. Market Structures
  • Market Control
  • Monopoly
  • Monopolistic Competition
  • Oligopoly

  • F. Factor Markets
  • Factor Demand
  • Factor Supply
  • Factor Market Equilibrium

  • Jump to Macro Course

    Introductory Microeconomics is the study of the individuals, firms, markets, and industries, including the topics of consumer demand, production, cost, market structures, and factor markets.

    To access a given lesson, click on the corresponding link in the Menu of Lessons presented to the right.


    A financial market used by commercial banks and other depository institutions regulated by the Federal Reserve System to lend and borrow Federal funds (Federal Reserve deposits). The interest rate charged for lending through the Federal funds market is the Federal funds rate.

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    State of the ECONOMY

    Real Average Hourly Earnings
    July 2015
    Up $.20 from July 2014

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    [What's This?]

    Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway wanting to buy either a country wreathe or galvanized steel storage shelves. Be on the lookout for high interest rates.
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    This isn't me! What am I?

    Much of the $15 million used by the United States to finance the Louisiana Purchase from France was borrowed from European banks.
    "Those who are blessed with the most talent don't necessarily outperform everyone else. It's the people with follow-through who excel. "

    -- Mary Kay Ash, May Kay Cosmetics founder

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