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AGRARIAN: A term signifying a connection to farming, agricultural production, or the land. Agrarian is often used as a modifier for other terms, such as agrarian society (an economy that relies heavily on agricultural production), agrarian society (a society based on the institutions that emerge from a heavy reliance on agricultural production), or agrarian movement (a political movement designed to product agricultural production). Because farming was one of the first and remains one of the most fundamental activities undertaken by even the most primitive society, agrarian is typically associated with less developed, as in the phrase a "less developed, agrarian nation."
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Lesson Contents
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Unit 1: Introduction |
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Unit 2: Objectives |
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Unit 3: Legal Types |
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Unit 4: U.S. Firms |
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Unit 5: The Bigger Picture | |
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The Firm
This lesson investigates the nature of firms, especially those in the U.S. economy, including what they are, what they do, and how they operate. Paying careful attention to this lesson is no guaranteed that Duncan will end up with a multi-billion dollar "dot-com" business, but it won't hurt. - The first unit of this lesson, Organizing Production, gets us started with an overview of what firms are and their primary function in the economy -- which is production.
- In the second unit, Objectives, we take a closer look at what motivates firms, especially the pursuit of profit.
- The third unit, Legal Types, examines the most common legal forms of business firms, including proprietorships, partnerships, and corporations.
- The fourth unit, U.S. Firms, investigates firms in the United States by the numbers -- including how many, what they are, what they produce.
- The fifth and final unit, The Bigger Picture, then closes this lesson by discussing the role firms play in the grand economic scheme of things.
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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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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time calling an endless list of 800 numbers hoping to buy either a wall poster commemorating next Thursday or a pair of gray heavy duty boot socks. Be on the lookout for strangers with large satchels of used undergarments.
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This isn't me! What am I?
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The word "fiscal" is derived from a Latin word meaning "moneybag."
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"A pint of sweat saves a gallon of blood. " -- General George Patton
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AOQL
Average Outgoing Quality Limit
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