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EQUILIBRIUM, AGGREGATE MARKET: The state of the aggregate market in which real aggregate expenditures are equal to real production, which means that the price level, aggregate expenditures, and/or real production do not change. In other words, the opposing forces of aggregate demand (the buyers) and aggregate supply (the sellers) are in balance.

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Lesson 11: Circular Flow | Unit 4: Foreign Page: 16 of 22

Topic: Foreign Trade <=PAGE BACK | PAGE NEXT=>

The foreign sector is the fourth and last circular flow sector.
  • The foreign sector is households, businesses, and governments outside the domestic economy (including other planets).
  • Market exchanges are a natural means of addressing the scarcity problem. Mutually beneficial exchanges aren't limited by geographic location or political boundaries.
  • Foreign trade, the exchange among buyers and sellers in different nations, is an extension of mutually beneficial exchanges among people of the same country.
  • Foreign trade gives us the terms exports and imports.

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SHORT-RUN AGGREGATE SUPPLY

The total (or aggregate) real production of final goods and services available in the domestic economy at a range of price levels, during a period of time in which some prices, especially wages, are rigid, inflexible, or otherwise in the process of adjusting. Short-run aggregate supply, commonly abbreviated SRAS, is one of two aggregate supply alternatives, distinguished by the degree of price flexibility. The other is long-run aggregate supply. Short-run aggregate supply is combined with aggregate demand in the short-run aggregate market analysis used to analyze business-cycle instability, unemployment, inflation, government stabilization policies, and related macroeconomic topics.

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Today, you are likely to spend a great deal of time searching the newspaper want ads looking to buy either a travel case for you toothbrush or a looseleaf notebook binder. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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Approximately three-fourths of the U.S. paper currency in circular contains traces of cocaine.
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