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ECONOMICS: A social science that studies the allocation of limited resources to the production of goods and services used to satisfy consumer's unlimited wants and needs. Five notable phrases contained in this definition that need further study are: (1) social science, (2) allocation, (3) limited resources, (4) production, and (5) unlimited wants and needs.

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Lesson 15: Aggregate Market | Unit 4: Self Correction Page: 19 of 22

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  • How the short-run equilibrium creates an imbalance in the labor market that leads to self-correction of the aggregate market to the long-run equilibrium.
  • How the aggregate market adjusts to full employment automatically, with shifts of the short-run aggregate supply curve to eliminate a recessionary gap.
  • How the aggregate market adjusts to full employment automatically, with shifts of the short-run aggregate supply curve to eliminate a inflationary gap.

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ELASTICITY AND SUPPLY INTERCEPT

The intersection of a straight-line supply curve with vertical price axis and/or horizontal quantity axis reveals the relative price elasticity of supply. Intersection with the horizontal quantity axis means inelastic and intersection with the vertical price axis means elastic. Intersection with the origin means unit elastic supply.

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Today, you are likely to spend a great deal of time at the confiscated property police auction hoping to buy either a computer that can play video games and burn DVDs or a black duffle bag with velcro closures. Be on the lookout for celebrities who speak directly to you through your television.
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The earliest known use of paper currency was about 1270 in China during the rule of Kubla Khan.
"The greatest things ever done on Earth have been done little by little. "

-- William Jennings Bryan

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