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December 15, 2018 

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CAPITALISM: A type of economy based on -- (1) private ownership of most resources, goods, and other stuff (private property); (2) freedom to generally use the privately-owned resources, goods, and other stuff to get the most wages, rent, interest, and profit possible; and (3) a system of relatively competitive markets. While government establishes the legal "rules of the game" for capitalism and provides assorted public goods, like national defense, education, and infrastructure, most production, consumption, and resource allocation decisions are left up to individual businesses and consumers. The term capitalism is derived from the notion that capital goods are under private, rather than government, ownership (compare communism, socialism.

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Lesson 15: Aggregate Market | Unit 1: The Concept Page: 4 of 22

Topic: Two Sides: AD <=PAGE BACK | PAGE NEXT=>

The aggregate market combines two sides, those who buy, aggregate demand, and those who sell, aggregate supply.
  • Aggregate demand is the spending by the four basic sectors of the economy: household, business, government, and foreign sector.
  • Aggregate supply is the economy's producers -- the factors of production: labor, capital, land, and entrepreneurship.
  • The aggregate market is the mechanism through which buyers and sellers come together to exchange the economy's production.
The AD curves represents the demand side of the aggregate market.

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COST-PUSH INFLATION

Inflation of the economy's average price induced by decreases in aggregate supply that result from increases in production cost. This type of inflation occurs when the cost of using any of the four factors of production (labor, capital, land, or entrepreneurship) increases such that aggregate supply cannot satisfy aggregate demand. The alternative type of inflation is demand-pull inflation.

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APLS

PURPLE SMARPHIN
[What's This?]

Today, you are likely to spend a great deal of time flipping through mail order catalogs hoping to buy either a how-to book on building remote controlled airplanes or an extra large beach blanket. Be on the lookout for jovial bank tellers.
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This isn't me! What am I?

A communal society, a prime component of Karl Marx's communist philosophy, was advocated by the Greek philosophy Plato.
"Our goals can only be reached through a vehicle of a plan, in which we must fervently believe, and upon which we must vigorously act. There is no other route to success. "

-- Pablo Picasso, artist

ARIMA
Autoregressive Integrated Moving Average
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