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OWNERSHIP LIABILITY: The extent to which the owners of a business are liable for the debts of the company. The two basic liability alternatives are unlimited liability, which has no restrictions on ownership liability, and limited liability, which does have restrictions. Ownership liability is one characteristic separating legal business organizations. Proprietorships and partnerships have unlimited liability. Corporations have limited liability.

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Lesson Contents
Unit 1: Instability
  • What It Is
  • Fluctuations
  • Unit 1 Summary
  • Unit 2: Extension
  • Instability
  • Self-Correction
  • Unit 2 Summary
  • Unit 3: Basic Shifts
  • AD Shifts
  • AD Increase: Long Run
  • AD Decrease: Long Run
  • AD Increase: Short Run
  • AD Decrease: Short Run
  • Unit 3 Summary
  • Unit 4: Complex Shifts
  • AD
  • AD Increase
  • AD Decrease
  • SRAS
  • SRAS Increase
  • SRAS Decrease
  • Unit 4 Summary
  • Unit 5: Synthesis
  • Business Cycles
  • Unit 5 Summary
  • Course Home
    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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    VALUE

    The worth members of society place on a good, service, resource, commodity, or other asset, which is based on the direct or indirect satisfaction of wants and needs generated. In an economy that uses markets to exchange commodities, value is commonly indicated by price and measured by the economy's monetary unit.

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    APLS

    BEIGE MUNDORTLE
    [What's This?]

    Today, you are likely to spend a great deal of time looking for a downtown retail store wanting to buy either storage boxes for your family photos or a large, stuffed giraffe. Be on the lookout for the happiest person in the room.
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    This isn't me! What am I?

    Woodrow Wilson's portrait adorned the $100,000 bill that was removed from circulation in 1929. Woodrow Wilson was removed from circulation in 1924.
    "You can't build a reputation on what you are going to do."

    -- Henry Ford, automaker

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