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LABOR MARKET: A market that exchanges the services of labor resources. For the macroeconomy, this is a critical aspect of the aggregate resource markets, especially the short-run condition of rigid prices. Labor market wages tend to be rigid in short run. Such wage rigidity, was well as other short run problems, prevent labor markets from achieve equilibrium. The result is either unemployment or overemployment, both of which prevent long-run equilibrium in the aggregate market.

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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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AVERAGE PRODUCT

The quantity of total output produced per unit of a variable input, holding all other inputs fixed. Average product, usually abbreviated AP, is found by dividing total product by the quantity of the variable input. Average product, which occasionally goes by the alias average physical product (APP), is one of two measures derived from total product. The other is marginal product.

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Today, you are likely to spend a great deal of time at a garage sale hoping to buy either a wall poster commemorating yesterday or pink cotton balls. Be on the lookout for rusty deck screws.
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