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THE WEALTH OF NATIONS: Officially titled An Inquiry into the Nature and Causes of the Wealth of Nations, this book written by Adam Smith and published in 1776, is considered to be the foundation for the modern study of economics. The Wealth of Nations was the first to combine assorted economic discourse and analyses into a single book. One of its most important themes is the efficiency of free trade and market exchanges unrestricted by government that leads to macroeconomic full employment and microeconomic efficiency.

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Lesson 15: Aggregate Market | Unit 1: The Concept Page: 1 of 22

Topic: What It Is <=PAGE BACK | PAGE NEXT=>

In this lesson we will learn about the aggregate market and how it is used to understand and explain the macroeconomy.

A definition:

  • The aggregate market is the combined product markets for all final goods and services produced in the economy in a given time period, usually one year.
  • It combines aggregate demand and aggregate supply to analyze the price level and real production.
  • Everyone is part of the aggregate market: the household, business, government, and foreign sectors.
  • The aggregate market (also called AD/AS analysis) is a tool for explaining the macroeconomy

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AUTONOMOUS SAVING

Household saving that does not depend on income or production (especially disposable income, national income, or even gross domestic product). That is, changes in income do not generate changes in saving. Autonomous saving is best thought of as a baseline level of saving (usually negative) that the household sector undertakes in the unlikely event that income falls to zero. It is measured by the intercept term of the saving function or the saving line. The alternative to autonomous saving is induced saving, which does depend on income.

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[What's This?]

Today, you are likely to spend a great deal of time looking for a downtown retail store looking to buy either a T-shirt commemorating the 2000 Presidential election or a really, really exciting, action-filled video game. Be on the lookout for pencil sharpeners with an attitude.
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This isn't me! What am I?

Parker Brothers, the folks who produce the Monopoly board game, prints more Monopoly money each year than real currency printed by the U.S. government.
"People of mediocre ability sometimes achieve outstanding success because they don't know when to quit. "

-- George Allen, U.S. senator

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