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WHAT?: One of three basic questions of allocation (the other two are How? and For Whom?). Answering the 'What?' question of allocation determines the types and quantities of goods and services produced with society's limited resources. Should society produce hammocks or hot fudge sundaes? Computers or Cadillacs? Birdfeed or battleships? The production possibilities analysis sets the stage for answering the 'What?' question.

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Lesson 15: Aggregate Market | Unit 2: Equilibrium Page: 9 of 22

Topic: Moving Target <=PAGE BACK | PAGE NEXT=>

The dynamic nature of the aggregate market makes the long-run equilibrium a moving target.
  • The difference between long-run and short-run equilibria is critical to the study of the macroeconomy.
  • Aggregate demand, especially investment, is volatile.
  • Aggregate supply, although somewhat predictable, involves continuous adjustments.
  • Long-run equilibrium is a perpetually pursued goal, but seldom actually reached.
As we approach the long-run equilibrium target, it has likely changed due to different economic conditions, due to changes in aggregate demand, aggregate supply, or more than likely, both.

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INDUCED GOVERNMENT PURCHASES

Government purchases that depend on income or production (especially national income and gross domestic product). That is, changes in income induce changes in government purchases. Induced government purchases reflect the observation that the government sector (especially state and local governments) is inclined to use tax revenue, which increases with income, for purchases. They are measured by the marginal propensity for government purchases (MPG) and are reflected by the positive slope of government purchases line. The alternative to induced government purchases is autonomous government purchases, which do not depend on income.

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Today, you are likely to spend a great deal of time driving to a factory outlet looking to buy either storage boxes for your summer clothes or 500 feet of coaxial cable. Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity.
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The first U.S. fire insurance company was established by Benjamin Franklin in 1752 in Philadelphia.
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