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LEADING ECONOMIC INDICATOR: One of eleven economic statistics that tend to move up or down a few months before the expansions and contractions of the business cycle. These leading indicators are -- manufacturers new orders, an index of vendor performance, orders for plant and equipment, Standard & Poor's 500 index of stock prices, new building permits, durable goods manufacturers unfilled orders, the money supply, change in materials prices, average workweek in manufacturing, changes in business and consumer credit, a consumer confidence index, and initial claims for unemployment insurance. Leading indicators indicate what the aggregate economy is likely to do, business-cycle-wise, 3 to 12 months down the road. When leading indicators rise today, then the rest of the economy is likely to rise in the coming year. And when leading indicators decline, then the economy is likely to decline in 3 to 12 months.

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Lesson Contents
Unit 1: The Concept
  • What It Is
  • Price Level
  • Unit 1 Summary
  • Unit 2: Two Options
  • Time Periods
  • Long Run
  • Short Run
  • Unit 2 Summary
  • Unit 3: The Curves
  • Long Run
  • Short Run
  • Market Supply
  • Unit 3 Summary
  • Unit 4: Determinants
  • Stability
  • Long-Run Supply
  • Quantity of Resources
  • Quality of Resources
  • Short-Run Supply
  • Unit 4 Summary
  • Unit 5: Connections
  • Self Correction
  • Policies
  • Unit 5 Summary
  • Course Home
    Aggregate Supply

    In much the same way that the market supply lesson parallels the market demand lesson, this lesson on aggregate supply parallels the aggregate demand lesson. Aggregate supply however, is somewhat more involved that market supply, in particular, because aggregate supply is separated into two relations -- on for the short run and one for the long run. This lesson examines the relation between the price level and real production and the determinants that cause a change in aggregate supply, with a close eye on the differences between aggregate supply in the short run and the long run.

    • This lesson begins with an introduction to the aggregate supply half of the aggregate market in the first unit.
    • The second unit then explores the different aggregate supply relations that exist between the price level and real production in the short run and the long run.
    • The third unit introduces the short run aggregate supply curve and the long run aggregate supply curve which capture these two alternative relations.
    • We think pick up the keep curve shifting determinants of aggregate supply in the fourth unit, especially the resource quantity, resource quality, and resource prices.
    • The fifth unit wraps up this lesson with a discussion of the self-correction mechanism that relies on changes in the aggregate supply and how this relates to business cycle stabilization.

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    REGRESSIVE TAX

    A tax in which the proportion of income paid in taxes is smaller for higher income levels. A regressive income tax exists if taxpayers with more income pay a lower tax rate relative to income as income increases. A regressive tax is one of three alternations. The other two are progressive tax, in which the proportion of income paid in taxes is greater for higher income levels, and proportional tax, in which the proportion of income paid in taxes is the same for all income levels.

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    BLUE PLACIDOLA
    [What's This?]

    Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club seeking to buy either a how-to book on home remodeling or a tall storage cabinet with five shelves and a secure lock. Be on the lookout for mail order catalogs with hidden messages.
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    Cyrus McCormick not only invented the reaper for harvesting grain, he also invented the installment payment for selling his reaper.
    "No amount of business school training or work experience can teach what is ultimately a matter of personal character. "

    -- Truett Cathy, Chick-fil-A Inc. founder

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