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KINKED-DEMAND CURVE: A demand curve with two distinct segments with different elasticities that join to form a kink. The primary use of the kinked-demand curve is to explain price rigidity in oligopoly. The two segments are: (1) a relatively more elastic segment for price increases and (2) a relatively less elastic segment for price decreases. The relative elasticities of these two segments is directly based on the interdependent decision-making of oligopolistic firms.

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Lesson Contents
Unit 1: The Macroeconomy
  • An Economy
  • Macroeconomics
  • Unit 1 Summary
  • Unit 2: Macro Problems
  • The Goals
  • Unemployment
  • Inflation
  • Unit 2 Summary
  • Unit 3: Business Cycles
  • Instability
  • Causes
  • Unit 3 Summary
  • Unit 4: Policies
  • Government
  • Viewpoints
  • Unit 4 Summary
  • Unit 5: Issues
  • Policies
  • Theories
  • Unit 5 Summary
  • Course Home
    Macro Basics

    In lesson, we move into the formal study of macroeconomics, laying the groundwork for lessons to come. In particular, this lesson introduces several important macroeconomics concepts and notions. Among the list of more important notions are the role an economy plays in the study of macroeconomics, the two key macroeconomic problems of inflation and unemployment, how these problems are related business-cycle instability, and economic stabilization policies designed to correct these problems.

    • The first unit of this lesson lays the foundation of for the study of macroeconomics, introducing the nature of an economy and providing a little information about the U.S. economy.
    • In the second unit, we examine some of the more notable macroeconomics problems, especially production, unemployment, and inflation.
    • We then take a look at the importance of business cycles in the macroeconomy, including recent trends in business cycle activity and a few potential business cycle causes.
    • The fourth unit then examines the role that economic policies play in the macroeconomy.
    • The firth unit wraps up this lesson with a few thoughts about the connection between political philosophies, economic policies, and economic theories.

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    RATIONAL ABSTENTION

    The decision NOT to do something (such as vote in an election) because the cost of taking the action is more than the expected benefit. The rational decision to refrain from an endeavor is a straightforward application of utility maximization and along with the related notion of rational ignorance, is a source of voter apathy and government inefficiency.

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    APLS

    GREEN LOGIGUIN
    [What's This?]

    Today, you are likely to spend a great deal of time lost in your local discount super center hoping to buy either several magazines on computer software or a T-shirt commemorating the second moon landing. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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    This isn't me! What am I?

    In 1914, Ford paid workers who were age 22 or older $5 per day -- double the average wage offered by other car factories.
    "It is very rare that you meet with obstacles in this world (that) the humblest man has not the faculties to surmount. "

    -- Henry David Thoreau, philosopher

    JRE
    Journal of Regulatory Economics
    A PEDestrian's Guide
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