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AS-AD MODEL: 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 AS-AD model, 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 1: Economic Basics | Unit 4: Goals Page: 11 of 18

Topic: Economic Goals <=PAGE BACK | PAGE NEXT=>

The three macro goals are most important in the study of the macroeconomics:

  • Full employment: This is when all available resources (labor, capital, land, and entrepreneurship) are used to produce goods and services. It enables more production that can reduce the scarcity problem.
  • Stability: This is avoiding or limiting fluctuations in production, employment, and prices. It reduces uncertainty of the future.
  • Growth: This is increasing the economy's ability to produce goods and services. It improves living standards and better addresses the scarcity problem.

The two micro goals are most important in the study of the microeconomics:

  • Efficiency: This is getting the highest amount of satisfaction from available resources. Efficiency is achieved when society cannot change the distribution of resources in any way that would increase the total amount of satisfaction obtained by society.
  • Equity: This is the fairness with which income or wealth is distributed within a society. Equity occurs when income or wealth is fairly distributed. But the standards of fairness differ and puts us into normative economics.

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CONSUMER PRICE INDEX FOR URBAN WAGE EARNERS AND CLERICAL WORKERS

An index of prices of goods and services typically purchased by urban wage earners and clerical workers. This carries the official abbreviation CPI-W to distinguish it from its more famous sister index CPI-U, which is the standard Consumer Price Index for All Urban Workers, (commonly abbreviated simply as CPI). Like the standard CPI, the CPI-W is compiled and published monthly by the Bureau of Labor Statistics (BLS), using price data obtained from an elaborate survey of 25,000 retail outlets and quantity data generated by the Consumer Expenditures Survey.

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APLS

YELLOW CHIPPEROON
[What's This?]

Today, you are likely to spend a great deal of time flipping through mail order catalogs seeking to buy either a genuine down-filled comforter or a 200-foot blue garden hose. Be on the lookout for mail order catalogs with hidden messages.
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This isn't me! What am I?

It's estimated that the U.S. economy has about $20 million of counterfeit currency in circulation, less than 0.001 perecent of the total legal currency.
"Wherever you go, no matter what the weather, always bring your own sunshine."

-- Anthony J. D'Angelo

COMECON
Council for Mutual Economic Assistance
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