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TOTAL FACTOR COST CURVE, MONOPSONY: A curve that graphically represents the relation between total factor cost incurred by a monopsony when using a given factor of production to produce a good or service. The total factor cost curve is most important in factor market analysis for the derivation of the marginal factor cost curve.

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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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INJECTIONS

Non-consumption expenditures on aggregate production. The three aggregate expenditures grouped under the heading of injections are investment expenditures, government purchases and exports. Injections add to the core circular flow containing consumption, production, and income. The injections-leakages model is a Keynesian economics analysis that combines injections with leakages (saving, taxes, and imports) to identify the equilibrium level of aggregate production and income.

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