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KEYNESIAN THEORY: A theory of macroeconomics developed by John Maynard Keynes built on the proposition that aggregate demand is the primary source of business cycle instability, especially recessions. The basic structure of the Keynesian theory of economics was initially presented in Keynes' book The General Theory of Employment, Interest, and Money (1936).
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Lesson Contents
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Unit 1: The Exchange |
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Unit 2: The Numbers |
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Unit 3: A Graph |
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Unit 4: Adjustment |
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Unit 5: Efficiency | |
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Market
In this lesson, we'll see how buyers (discussed in the demand lesson) come together with sellers (discussed in the supply lesson) to exchange commodities using a market. More precisely, this lesson develops an abstract market model, or market analysis, that we can use to explain and understand a wide range of real world exchanges. - This lesson begins with an overview of the basic exchange process underlying markets, including the notion of equilibrium, the roles played by price and quantity, and the importance of competition.
- In the second unit we work through a simple market analysis using demand and supply schedules, highlight both equilibrium and disequilibrium conditions.
- The third unit then carefully examines the notion of market equilibrium using demand and supply curves, which generates the widely used graphical model of the market.
- Moving onto the fourth unit, we use the graphical market model to investigate the automatic market responses to shortages and surpluses.
- The lesson concludes in the fifth unit by considering the relation between market exchanges and efficiency.
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TWO-SECTOR AGGREGATE EXPENDITURES LINE A graphical depiction of the relation between aggregate expenditures by the two private sectors (household and business) and the level of aggregate income or production. The two-sector aggregate expenditures line combines consumption expenditures and investment expenditures. The slope of this aggregate expenditures line is based on the marginal propensity to consume, adjusted for the marginal propensity to invest if it is assumed to be induced when constructing the line. This is one of three aggregate expenditures lines based on the number of sectors included. The others are the three-sector aggregate expenditures line and the four-sector aggregate expenditures line.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time searching for a specialty store looking to buy either a T-shirt commemorating last Friday (you know why) or a rotisserie oven that can also toast bread. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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Woodrow Wilson's portrait adorned the $100,000 bill that was removed from circulation in 1929. Woodrow Wilson was removed from circulation in 1924.
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"Enthusiasm is the greatest asset in the world. It beats money and power and influence. It is no more or less than faith in action. " -- Henry Chester, Writer
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L
Total Liquid Assets
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