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January 21, 2019 

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LABOR-LEISURE TRADEOFF: The perpetual tradeoff faced by human beings between the amount of time spent engaged in wage-paying productive work and satisfaction-generating leisure activities. The key to this tradeoff is a comparison between the wage received from working and the amount of satisfaction generated from leisure. Such a comparison generally means that a higher wage entices people to spend more time working, which entails a positively sloped labor supply curve. However, the backward-bending labor supply curve results when a higher wage actually entices people to work less and to "consume" more leisure time.

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Lesson Contents
Unit 1: The Exchange
  • What It Is
  • Equilibrium
  • Competition
  • Number
  • Unit 1 Summary
  • Unit 2: The Numbers
  • Schedule
  • Market Agreement
  • Equilibrium
  • Unit 2 Summary
  • Unit 3: A Graph
  • The Curves
  • The Equilibrium
  • Unit 3 Summary
  • Unit 4: Adjustment
  • Self-Correction
  • Shortage
  • Surplus
  • Unit 4 Summary
  • Unit 5: Efficiency
  • What It Is
  • Efficient Markets
  • Too Little Production
  • Too Much Production
  • Inefficiency
  • Unit 5 Summary
  • Course Home
    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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    SLOPE, NET EXPORTS LINE

    The negative slope of the net exports line is based on the marginal propensity to import (MPM). Because net exports are exports minus imports, the induced change in imports causes an opposite change in net exports. As such, the slope of the net exports line is negative, less than zero (but greater than negative one). The slope of the net exports line affects the slope of the aggregate expenditures line and thus also affects the magnitude of the multiplier process.

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    APLS

    WHITE GULLIBON
    [What's This?]

    Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club trying to buy either pink cotton balls or a genuine down-filled comforter. Be on the lookout for small children selling products door-to-door.
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    This isn't me! What am I?

    The Dow Jones family of stock market price indexes began with a simple average of 11 stock prices in 1884.
    "The more you praise and celebrate your life, the more there is in life to celebrate."

    -- Oprah Winfrey

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