Tuesday  January 31, 2023
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 KEYNESIAN THEORY: A theory of macroeconomics developed by John Maynard Keynes built on the proposition that aggregate demand is the primary source of business cycle instability, especially recessions. The basic structure of the Keynesian theory of economics was initially presented in Keynes' book The General Theory of Employment, Interest, and Money (1936).
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 Lesson Contents Unit 1: The Exchange What It Is Equilibrium Competition Number Unit 1 Summary Unit 2: The Numbers Schedule Market Agreement Equilibrium Unit 2 Summary Unit 3: A Graph The Curves The Equilibrium Unit 3 Summary Unit 4: Adjustment Self-Correction Shortage Surplus Unit 4 Summary Unit 5: Efficiency What It Is Efficient Markets Too Little Production Too Much Production Inefficiency Unit 5 Summary Course Home
Market Equilibrium

In this lesson, we'll see how buyers (discussed in the demand lesson) come together with sellers (discussed in the supply lesson) to exchange commodities using a market. More precisely, this lesson develops an abstract market model, or market analysis, that we can use to explain and understand a wide range of real world exchanges.

• This lesson begins in the first unit, The Exchange, with an overview of the basic exchange process underlying markets, including the notion of equilibrium, the roles played by price and quantity, and the importance of competition.
• In the second unit, The Numbers, we work through a simple market analysis using demand and supply schedules, highlight both equilibrium and disequilibrium conditions.
• The third unit, A Graph, then carefully examines the notion of market equilibrium using demand and supply curves, which generates the widely used graphical model of the market.
• Moving onto the fourth unit, Adjustment, we use the graphical market model to investigate the automatic market responses to shortages and surpluses.
• The lesson concludes in the fifth unit, Efficiency, by considering the relation between market exchanges and efficiency.

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INFLATION RATE

The percentage change in the price level from one period to the next. The inflation rate is most commonly presented as an annual average, the percentage change in the average price level from one year to the next. The two most common price indexes used to measure the price level and the inflation rate are the Consumer Price Index (CPI) and the GDP price deflator. The inflation rate is one of several key indicators of business-cycle instability and the overall health of the macroeconomy, with primary focus on tracking the goal of price stability.

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 The portrait on the quarter is a more accurate likeness of George Washington than that on the dollar bill.
 "To understand a man, you must know his memories. The same is true of a nation."-- Anthony Quayle, Actor
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