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January 31, 2023 

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BANK PANIC OF 1907: A relatively serious economic downturn, that is business-cycle contraction, in 1907 that was caused by serious, big-time, instability in the banking system. This major bank panic was so severe (the term depression is more applicable than recession) that it prompted Congress to establish the Federal Reserve System, which came into existence in 1913. See fractional-reserve banking.

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Lesson Contents
Unit 1: Selling Basics
  • The Concept
  • Supply Price
  • Quantity Supplied
  • Unit 1 Summary
  • Unit 2: Law of Supply
  • Definition
  • Production Cost
  • Unit 2 Summary
  • Unit 3: Supply Curve
  • Schedule
  • Curve
  • Space
  • Unit 3 Summary
  • Unit 4: Determinants
  • Ceteris Paribus Factors
  • Shifters: Increase
  • Shifters: Decrease
  • Types
  • Ch..Ch..Changes
  • Unit 4 Summary
  • Unit 5: Scarcity
  • Limited Resources
  • Unit 5 Summary
  • Course Home
    Market Supply

    This supply lesson provides an introduction, not only into Stuffed Amigo selling behavior, but into selling a wide range of other goods, even goods that aren't cute and cuddly. In fact, this supply topic does more than offer insight into selling behavior. It's also the second half of the market analysis -- the first half being demand. And to reiterate what I noted during the demand lesson, market analysis is one of the most widely used tools in the study of economics for explaining a lot of economic phenomenon. Of course to use markets, we now need to consider supply.

    • The first unit of this lesson, Selling Basics, introduces the basic concept of supply and a few related terms such as supply price and quantity supplied.
    • In the second unit, Law of Supply, we move into a discussion of the law of supply, which captures the basic relation between supply price and quantity supplied.
    • The third unit, Supply Curve, then develops the supply curve, which is the graphical embodiment of the supply concept.
    • Moving onto the fourth unit, Determinants, we examine how the five basic supply determinants cause the supply curve to shift from one location to another.
    • And in the fifth and final unit, Scarcity, we make a connection between supply and the limited resources part of scarcity.

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    AGGREGATE SUPPLY INCREASE, LONG-RUN AGGREGATE MARKET

    A shock to the long-run aggregate market caused by an increase in aggregate supply, resulting in and illustrated by a rightward shift of the long-run aggregate supply curve. An increase in aggregate supply in the long-run aggregate market results in a decrease in the price level and an increase in real production. The level of real production resulting from the shock is a greater level of full-employment real production.

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    Today, you are likely to spend a great deal of time at a crowded estate auction wanting to buy either a 50-foot blue garden hose or a turbo-powered vacuum cleaner. Be on the lookout for crowded shopping malls.
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    In 1914, Ford paid workers who were age 22 or older $5 per day -- double the average wage offered by other car factories.
    "To understand a man, you must know his memories. The same is true of a nation."

    -- Anthony Quayle, Actor

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