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ECONOMIC REPORT OF THE PRESIDENT: An annual report of the economic performance of the U.S. economy written by the Chairman of the Council of Economic Advisors (CEA). It provides an overview of the nation's economic progress. A goal of the report is to provide the President with objective economic analysis and advice on the development and implementation of a wide range of domestic and international economic policy issues. The Council of Economic Advisors, the governmental body responsible for the report, was established by the Employment Act of 1946. The Economic Report of the President has been published every year since 1950.
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Lesson Contents
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Unit 1: Instability |
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Unit 2: Extension |
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Unit 3: Basic Shifts |
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Unit 4: Complex Shifts |
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Unit 5: Synthesis | |
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Aggregate Shocks
In this lesson we use the aggregate market model to analyze assorted disruptions that cause shifts of the aggregate demand, short-run aggregate supply, and long-run aggregate supply curves. The reason for doing this, of course, is to explain and understand macroeconomic activity, especially business cycle instability that causes inflation and unemployment. - The first unit of this lesson reviews the aggregate market and examines how it is affected macroeconomic instability.
- In the second unit, we take and look at assorted demands on both the demand side and supply side of the aggregate market that cause shorts to the aggregate market.
- We then move into an analysis of six basic shifts involving increases and decreases in the aggregate demand, short-run aggregate supply, and long-run aggregate supply curves.
- The fourth unit builds on these six basic shifts to examine four complex shifts in which recessionary and inflationary gaps trigger self-correction adjustments of the short-run aggregate supply.
- We close out this lesson in the fifth with a thought or two on how the aggregate market can be used to explain business cycle fluctuations.
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GROSS NATIONAL PRODUCT The total market value of all final goods and services produced by the citizens of an economy during a given period of time, usually one year. Gross national product, often abbreviated simply as GNP, was once the official measure of how much output the U.S. economy produced. In the early 1990s, however, it was replaced by gross domestic product (GDP).
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time at a flea market seeking to buy either a handcrafted bird house or a weathervane with a chicken on top. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
Your Complete Scope
This isn't me! What am I?
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The average length of a "business lunch" is about 36 minutes.
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"The road to success is always under construction. " -- Lily Tomlin, Actress
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LF
Labor Force, Laissez-Faire
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