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December 17, 2018 

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AGGREGATE MARKET: An economic model relating the price level and real production that is used to analyze business cycles, gross domestic product, unemployment, inflation, stabilization policies, and related macroeconomic phenomena. The aggregate market, inspired by the standard market model, captures the interaction between aggregate demand (the buyers) and short-run and long-run aggregate supply (the sellers).

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Lesson Contents
Unit 1: Buying Basics
  • The Concept
  • Demand Price
  • Quantity Demanded
  • Unit 1 Summary
  • Unit 2: Law of Demand
  • Definition
  • Income Effect
  • Substitution Effect
  • Unit 2 Summary
  • Unit 3: Demand Curve
  • Schedule
  • Curve
  • Space
  • Unit 3 Summary
  • Unit 4: Determinants
  • Ceteris Paribus Factors
  • Shifters: Increase
  • Shifters: Decrease
  • Types
  • Ch...Ch...Changes
  • Unit 4 Summary
  • Unit 5: Scarcity
  • Unlimited Wants
  • Unit 5 Summary
  • Unit 6:
  • Unit 6 Summary
  • Course Home
    Demand

    This lesson on demand offers a little insight into the purchases of a wide range of goods. In fact, this demand topic is does more than offer insight into buying behavior. It's also one half of the market analysis -- the other half being supply. And market analysis is one of the most widely used tools in the study of economics. Economists explain a lot of economic phenomenon using markets. But to use markets, we need demand. And that brings us back to this lesson.

    • In the first unit of this lesson we examine the basic concept of demand. While you've likely come across the term demand before, we'll see the specific way the term is used in economics.
    • The second unit then takes a look at the law of demand, which is one of the most important and most fundamental economic principles that we'll encounter.
    • As we more on to the third unit, our attention turns to the demand curve, which is the graphical embodiment of the demand concept.
    • In the fourth unit, we examine how the five basic demand determinants cause the demand curve to shift from one location to another.
    • And finally in the fifth unit, we make a connection between demand and the fundamental problem of scarcity.

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    EXCHANGE

    The process of trading one valuable commodity (good, service, or resource) for another. An exchange can be voluntary, such as what transpires through a market, or involuntary, such as when taxes are imposed by government.

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    APLS

    GREEN LOGIGUIN
    [What's This?]

    Today, you are likely to spend a great deal of time touring the new suburban shopping complex seeking to buy either a revolving spice rack or a how-to book on home repairs. Be on the lookout for strangers with large satchels of used undergarments.
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    This isn't me! What am I?

    A lump of pure gold the size of a matchbox can be flattened into a sheet the size of a tennis court!
    "When I look back on all these worries, I remember the story of the old man who said on his deathbed that he had had a lot of trouble in his life, most of which had never happened. "

    -- Winston Churchill, British statesman

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