March 20, 2018 

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WEALTH PYRAMID: A handy technique that many get-rich-quick schemes use to transfer a little wealth from a lot of people into the overflowing pockets of a few. In works in this manner--A person or business establishes a multi-level pyramid of investors, employees, or "distributors." Each level is responsible for recruiting the next level beneath it. The trick is that each distributor at one level recruits several distributors into the next lower level in an ever-expanding fashion. Each recruit transfers a little, teeny, tiny bit of their own wealth to the next higher level. In that each higher level has fewer members, that little, teeny, tiny bit of wealth accumulates rapidly, making those at the top incredibly well-off.

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Lesson 15: Aggregate Market | Unit 2: Equilibrium Page: 8 of 22

Topic: Three Markets <=PAGE BACK | PAGE NEXT=>

The macroeconomy contains three interrelated aggregate markets--product markets, resource markets, and financial markets.

In general, a market is in equilibrium when buyers and sellers come upon a price that generates the same quantity demanded and quantity supplied.

Two macroeconomic notions of equilibrium:

  • Long-run equilibrium: All three aggregate markets achieve equilibrium simultaneously.
  • Short-run equilibrium: Price and wage rigidity prevent equilibrium in the resource markets, even though the aggregate product and financial markets are in equilibrium.

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A curve that graphically represents the relation between average revenue received by a perfectly competitive firm for selling its output and the quantity of output sold. Because average revenue is essentially the price of a good, the average revenue curve is also the demand curve for a perfectly competitive firm's output.

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Today, you are likely to spend a great deal of time at an auction trying to buy either a how-to book on home repairs or a large, stuffed kitty cat. Be on the lookout for deranged pelicans.
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It's estimated that the U.S. economy has about $20 million of counterfeit currency in circulation, less than 0.001 perecent of the total legal currency.
"Look at the abundance all around you as you go about your daily business. You have as much right to this abundance as any other living creature. It's yours for the asking."

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