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NASH EQUILIBRIUM: A concept from Game Theory which establishes that a set of strategies followed by economic agents within a game is in equilibrium if, holding the strategies of all other economic agents constant, no economic agent can obtain a higher payoff by choosing a different strategy. For example, when firms operate within an oligopoly, once a Nash equilibrium has been reached, none of them will want to change their strategy because by doing it they cannot obtain a higher profit.

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Lesson 12: Business Cycles | Unit 3: Measurement Page: 14 of 26

Topic: Coincident <=PAGE BACK | PAGE NEXT=>

Coincident economic indicators move along with the aggregate economy. They mark the business cycle.
  • We don't know how the economy is doing until after the fact. Real GDP is released every three months. Coincident indicators are available monthly.
  • The four coincident indicators are measures of production, employment, income, and sales.
  • The Composite Index of Coincident Indicators, displayed in the graph, combines all four. Turns in this index mark business cycle peaks and troughs.
  • Leading and coincident indicators work together. Leading indicators forecast turning points. Coincident indicators turn 3 to 12 months later.

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SHORT-RUN AGGREGATE SUPPLY CURVE

A graphical representation of the short-run relation between real production and the price level, holding all ceteris paribus aggregate supply determinants constant. The short-run aggregate supply, or SRAS, curve is one of two curves that graphical capture the supply-side of the aggregate market. The other is the long-run aggregate supply curve (LRAS). The demand-side of the aggregate market is occupied by the aggregate demand curve. The positive slope of the SRAS curve captures the direct relation between real production and the price level that exists in the short run.

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