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LABOR FORCE: The total number of people willing and able to exert mental and/or physical efforts in productive activities. In principle, this is everyone 16 years of age and over who is willing and able to work. In practice, it includes the sum of anyone over 16 years who is employed or unemployed but actively seeking a job. The labor force is essentially a more technical term for the economy's labor supply.
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Lesson Contents
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Unit 1: Basic Flow |
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Unit 2: Financial Markets |
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Unit 3: Government |
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Unit 4: Foreign |
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Unit 5: Real World | |
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Circular Flow
This lesson introduces the circular flow model of the macroeconomy. The circular flow is a simple model based on the buying and selling relation between the household and business sectors which occurs through the product and factor markets. As a bonus, we complicate the simply circular flow model, by including the government and foreign sectors, and the financial markets. This lesson introduces several important macroeconomic concept, but more importantly, provides a useful model for interpreting macroeconomic activity. - In the first unit, we get an introduction to the simplest circular flow model that includes the household and business sectors and the product and factor markets.
- The second unit builds on the simple model by introducing the financial markets, which highlights the importance of household saving and business investment.
- The circular flow is expanding further in the third unit, with the introduction of the government sector, which highlights how taxes are diverted away from the household sector.
- The fourth unit adds one more sector to the circular flow model, the foreign sector, which illustrates the roles played exports and imports.
- The fifth unit wraps up this lesson by showing how several key measures of production and income revealed in the analysis of gross domestic production related to the circular flow.
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AGGREGATE SUPPLY INCREASE, SHORT-RUN AGGREGATE MARKET A shock to the short-run aggregate market caused by an increase in aggregate supply, resulting in and illustrated by a rightward shift of the short-run aggregate supply curve. An increase in aggregate supply in the short-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 can be greater or less than full-employment real production.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time watching infomercials seeking to buy either a packet of address labels large enough for addresses of both the sender and the recipient or a key chain with a built-in flashlight and panic button. Be on the lookout for a thesaurus filled with typos.
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The word "fiscal" is derived from a Latin word meaning "moneybag."
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"Do something wonderful; people may imitate it. " -- Albert Schweitzer, theologian, physician
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CRSP
Center for Research in Security Prices
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