March 23, 2018 

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AGGREGATE MARKET ANALYSIS: An investigation of macroeconomic phenomena, including unemployment, inflation, business cycles, and stabilization policies, using the aggregate market interaction between aggregate demand, short-run aggregate supply, and long-run aggregate supply. Aggregate market analysis, also termed AS-AD analysis, has been the primary method of investigating macroeconomic activity since the 1980s, replacing Keynesian economic analysis that was predominant for several decades. Like most economic analysis, aggregate market analysis employs comparative statics, the technique of comparing the equilibrium after a shock with the equilibrium before a shock. While the aggregate market model is usually presented as a simply graph at the introductory level, more sophisticated and more advanced analyses often involve a system of equations.

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Lesson 12: Business Cycles | Unit 5: Policies Page: 25 of 26

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

Contractionary policies avoid or limit the problems of business cycle expansions.
  • Contractionary fiscal policy is decreasing government spending or increasing taxes. Less spending can directly offset an inflation-inducing expansion. Higher taxes reduces spending indirectly by reducing household income.
  • Contractionary monetary policy is decreasing in the amount of money in circulation. Less money means less spending.

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The difference between the revenue received by a firm and the explicit accounting cost incurred. This is the profit listed on a firm's balance sheet, appears periodically in the financial sector of the newspaper, and is reported to the Internal Revenue Service for tax purposes. While accounting profit is the "standard" designation of profit used in the business world, economists prefer to use economic profit

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