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AGGREGATE MARKET EQUILIBRIUM: The state of equilibrium that exists in the aggregate market when real aggregate expenditures are equal to real production with no imbalances to induce changes in the price level or real production. In other words, the opposing forces of aggregate demand (the buyers) and aggregate supply (the sellers) exactly offset each other. The four macroeconomic sector (household, business, government, and foreign) buyers purchase all of the real production that they seek at the existing price level and business-sector producers sell all of the real production that they have at the existing price level. The aggregate market equilibrium actually comes in two forms: (1) long-run equilibrium, in which all three aggregated markets (product, financial, and resource) are in equilibrium and (2) short-run equilibrium, in which the product and financial markets are in equilibrium, but the resource markets are not.

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Lesson 13: Aggregate Demand | Unit 2: Doing More Page: 5 of 22

Topic: Consumption Expenditures <=PAGE BACK | PAGE NEXT=>

The household sector is the group responsible for the consumption part of the aggregate expenditures.

Consumption is the expenditures by the household sector on final goods and services undertaken in a given time period.

Three specific categories of consumption:

  • Nondurable goods Goods lasting less than a year.
  • Durable goods Goods lasting more than a year.
  • Services Intangible activities.
Each consumption category plays a different role in the macroeconomy.

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CONGLOMERATE MERGER

The consolidation of two or more separately-owned businesses, operating in separate industries, into a single firm. This is one of three types of mergers. The other two are horizontal merger--two competing firms in the same industry that sell the same products--and vertical merger--two firms in different stages of the production of one good, such that the output of one business is the input of the other.

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Woodrow Wilson's portrait adorned the $100,000 bill that was removed from circulation in 1929. Woodrow Wilson was removed from circulation in 1924.
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