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INCOME-EXPENDITURE MODEL: A macroeconomic model, which captures the essence of Keynesian economics, is based on the equality between total income generated from gross domestic product and total expenditures on gross domestic product. The cornerstone of the income-expenditure model is the consumption function, which relates household consumption expenditures to income and gives rise to the aggregate expenditure line with the addition of investment, government purchases, and net exports. The intersection between the aggregate expenditure line at the 45-degree identifies equilibrium.

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Lesson Contents
Unit 1: Intro
  • Definition
  • A Few Examples
  • Market Control
  • Competition
  • Unit 1 Summary
  • Unit 2: Four Types
  • A Continuum
  • Perfect Competition
  • Monopoly
  • Monopolistic Competition
  • Oligopoly
  • Other Structurres
  • Unit 2 Summary
  • Unit 3: Getting Control
  • Profit Motivation
  • Entry Barriers
  • Product Differentiation
  • Unit 3 Summary
  • Unit 4: Using Control
  • Takes And Makers
  • Demand Curves
  • Practices
  • Unit 4 Summary
  • Unit 5: Government
  • Efficiency
  • Regulation
  • Unit 5 Summary
  • Course Home
    Market Structures

    Our investigation into market structures lays the foundation for a closer examination of monopoly, monopolistic competition, and oligopoly. This lesson takes a look at how markets are structured based on their competitiveness, the degree of market control held by firms, the acquisition of this market control, and the use market control.

    • The first unit of this lesson, Competition And Control, begins this lesson with a look at competition and market control.
    • In the second unit, Four Types, we examine the four basic types of market structures -- perfect competition, monopoly, monopolistic competition, and oligopoly.
    • The third unit, Getting Control, then looks at two key ways that firms are able to acquire or increase their market control -- product differentiation and entry barriers.
    • In the fourth unit, Using Control, we investigate what firms do when they have market control.
    • The fifth and final unit, Government, then closes this lesson by considering the role government plays in regulating market control.

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    AGGREGATE DEMAND

    The total real expenditures on final goods and services produced in the domestic economy that buyers are willing and able to undertake at different price levels, during a given time period (usually a year). Aggregate demand, usually abbreviated AD, is an inverse relation between price level and aggregate expenditures. This is one half of the AS-AD (aggregate market) analysis. The other half is aggregate supply. Aggregate demand consists of four aggregate expenditures--consumption expenditures, investment expenditures, government purchases, and net exports--made by the four macroeconomic sectors--household, business, government, and foreign.

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    Today, you are likely to spend a great deal of time at the confiscated property police auction seeking to buy either looseleaf notebook paper or a three-hole paper punch. Be on the lookout for slow moving vehicles with darkened windows.
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    Paper money used by the Commonwealth of Massachusetts prior to the U.S. Revolutionary War, which was issued against the dictates of Britain, was designed by patriot and silversmith, Paul Revere.
    "Look at the abundance all around you as you go about your daily business. You have as much right to this abundance as any other living creature. It's yours for the asking."

    -- Earl Nightingale

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