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REAL PURCHASING POWER: The ability to acquire wants-and-needs satisfying goods and services with income or money. The real purchasing power of income or money depends on the prices of the goods and services. If the price level, for example, doubles, then a given amount of money can purchase half as many goods and services.

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Lesson 13: Aggregate Demand | Unit 3: The Curve Page: 10 of 22

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The aggregate demand curve captures the demand side of the aggregate market.

Highlights:

  • First: the price level, our GDP deflator, is on the vertical axis, and real production is on the horizontal axis.
  • Second: the aggregate demand curve has a negative slope. At lower prices, real aggregate expenditures are higher.
  • Third: all ceteris paribus aggregate demand determinants are constant.
  • Fourth: the aggregate demand curve gives us information for a given time period.

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BALANCE OF TRADE DEFICIT

The negative difference of the value of goods and services exported out of a country less the value of goods and services imported into the country. A balance of trade deficit is the official term for negative net exports that occurs when imports exceed exports. A balance of trade deficit is also termed an "unfavorable" balance of trade because it results in a net outflow of monetary payments from the domestic economic to the foreign sector, which tends to be bad for a country. The alternative is a balance of trade surplus in which exports exceed imports.

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Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors seeking to buy either a birthday greeting card for your grandmother or a coffee cup commemorating yesterday. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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John Maynard Keynes was born the same year Karl Marx died.
"You have to find something that you love enough to be able to take risks, jump over the hurdles and break through the brick walls that are always going to be placed in front of you. If you don't have that kind of feeling for what it is you're doing, you'll stop at the first giant hurdle. "

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