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FACTOR MARKET ANALYSIS: An analysis of the structure and equilibrium determination of markets that exchange the services of productive resources. This analysis highlights principles and concepts that tend to be most commonly associated with factor markets (also termed resource markets), including monopsony and bilateral monopoly. Marginal revenue product is a key concept on the demand side of the factor market. Marginal factor cost is a key concept on the supply side of the factor market.

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Lesson 15: Aggregate Market | Unit 3: Doing Curves Page: 15 of 22

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  • The long-run equilibrium of the aggregate market achieved at the intersection of the aggregate demand and long-run aggregate supply curves.
  • What happens when the price level is above or below the long-run equilibrium price level.
  • The short-run equilibrium of the aggregate market achieved at the intersection of the aggregate demand and short-run aggregate supply curves.

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POSITIVE ECONOMICS

The branch of economics that seeks to explain the way the economy actually operates. It is the application of the scientific method and the process of testing hypothesis to economic phenomena. A positive economic statement is one that can be refuted by looking at the real world--that is, by testing a hypothesis.

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Today, you are likely to spend a great deal of time at a dollar discount store seeking to buy either a New York Yankees baseball cap or a solid oak entertainment center. Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity.
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Three-forths of the gold mined each year is used to manufacture jewelry.
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