Google
Friday 
December 14, 2018 

AmosWEB means Economics with a Touch of Whimsy!

AmosWEBWEB*pediaGLOSS*aramaECON*worldCLASS*portalQUIZ*tasticPED GuideXtra CrediteTutorA*PLS
WHOLESALE PRICE INDEX: An index of the prices paid by retail stores for the products they would ultimately resell to consumers. The Wholesale Price Index, abbreviated WPI, was the forerunner of the modern Producer Price Index (PPI). The WPI was first published in 1902, and was one of the more important economic indicators available to policy makers until it was replaced by the PPI in 1978. The change to Producer Price Index in 1978 reflected, as much as a name change, a change in focus of this index away from the limited wholesaler-to-retailer transaction to encompass all stages of production. While the WPI is no longer available, the family of producer price indexes provides a close counterpart in the Finished Goods Price Index.

Visit the GLOSS*arama

Most Viewed (Number) Visit the WEB*pedia

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.

Course Home | Lesson Menu | Page Back | Page Next

KEYNESIAN ECONOMICS

A theory of macroeconomics developed by John Maynard Keynes based on the proposition that aggregate demand is the primary source of business-cycle instability and the most important cause of recessions. Keynesian economics points to discretionary government policies, especially fiscal policy, as the primary means of stabilizing business cycles and tends to be favored by those on the liberal end of the political spectrum. The basic principles of Keynesian economics were developed by Keynes in his book, The General Theory of Employment, Interest and Money, published in 1936. This work launched the modern study of macroeconomics and served as a guide for both macroeconomic theory and macroeconomic policies for four decades. Although it fell out of favor in the 1980s, Keynesian principles remain important to modern macroeconomic theories, especially aggregate market (AS-AD) analysis.

Complete Entry | Visit the WEB*pedia


APLS

WHITE GULLIBON
[What's This?]

Today, you are likely to spend a great deal of time at a garage sale hoping to buy either decorative celebrity figurines or a flower arrangement with anything but tulips for your grandfather. Be on the lookout for the last item on a shelf.
Your Complete Scope

This isn't me! What am I?

In the Middle Ages, pepper was used for bartering, and it was often more valuable and stable in value than gold.
"In order to create there must be a dynamic force, and what force is more potent than love."

-- Igor Stravinsky, violinist

CJE
Canadian Journal of Economics
A PEDestrian's Guide
Xtra Credit
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.

User Feedback



| AmosWEB | WEB*pedia | GLOSS*arama | ECON*world | CLASS*portal | QUIZ*tastic | PED Guide | Xtra Credit | eTutor | A*PLS |
| About Us | Terms of Use | Privacy Statement |

Thanks for visiting AmosWEB
Copyright ©2000-2018 AmosWEB*LLC
Send comments or questions to: WebMaster