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AGGREGATE DEMAND DETERMINANTS: An assortment of ceteris paribus factors that affect aggregate demand, but which are assumed constant when the aggregate demand curve is constructed. Changes in any of the aggregate demand determinants cause the aggregate demand curve to shift. While a wide variety of specific ceteris paribus factors can cause the aggregate demand curve to shift, it's usually most convenient to group them into the four, broad expenditure categories -- consumption, investment, government purchases, and net exports. The reason is that changes in these expenditures are the direct cause of shifts in the aggregate demand curve. If any determinant affects aggregate demand it MUST affect one of these four expenditures.

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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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AVERAGE REVENUE AND MARGINAL REVENUE

A mathematical connection between average revenue and marginal revenue stating that the change in the average revenue depends on a comparison between average revenue and marginal revenue. For perfect competition, with no market control, marginal revenue is equal to average revenue, and average revenue does not change. For monopoly and other firms with market control, marginal revenue is less than average revenue, and average revenue falls.

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Today, you are likely to spend a great deal of time wandering around the downtown area wanting to buy either a green fountain pen or a handcrafted bird house. Be on the lookout for infected paper cuts.
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