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January 16, 2018 

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NEAR-PUBLIC GOOD: A good that's easy to keep nonpayers from consuming, but use of the good by one person doesn't prevent use by others. The trick with a near-public good is that it's easy to keep people away, and thus you can charge them a price for consuming, but there's no real good reason to do so. From an efficiency view, the more people who consume a near-public good, the better off society. This mixture of nearly unlimited benefits and the ability to charge a price means that some near-public goods are sold through markets and others are provided by government. For efficiency's sake, none should be sold through markets.

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Lesson 16: Aggregate Shocks | Unit 1: Instability Page: 1 of 21

Topic: What It Is <=PAGE BACK | PAGE NEXT=>

The aggregate market is a useful analysis for the study of the macroeconomy and its adjustments.
  • The aggregate market tends toward equilibrium.
Short-Run Equilibrium:
  • Intersection of AD and SRAS curves.
  • Expenditures on real output match production.
  • Labor market is prone to be out of equilibrium.
Long-Run Equilibrium:
  • Intersection of AD and LRAS curves.
  • Expenditures on real output match production.
  • Labor market in equilibrium.
Real world changes can be analyzed by examining how the aggregate market adjusts toward equilibrium.

To examine aggregate market adjustments we need to make use of the ceteris paribus concept.
  • The aggregate market curves, AD, LRAS, and SRAS, are constructed assuming other things remain unchanged.
  • The determinants of each curve, initially assumed constant, don't really stay unchanged, and they cause changes in the aggregate market.
  • The purpose of this aggregate market analysis is to help us to understand why the macroeconomy tends to be unstable, volatile and prone toward business cycles.

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VOTING RULES

The guidelines followed by groups of individuals or members of society when making collective or joint decisions that involve casting formal indications of choice (that is, votes). The five most noted voting rules are majority, super majority, unanimity, plurality, and weighted. These rules determine if a choice is or is not approved by the voting group. Voting rules are important for the study of public choice and government inefficiencies that arise in the voting process due to the median voter, logrolling, and the voting paradox.

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Today, you are likely to spend a great deal of time surfing the Internet hoping to buy either a wall poster commemorating the first day of spring or a lazy Susan for you dining room table. Be on the lookout for high interest rates.
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Post WWI induced hyperinflation in German in the early 1900s raised prices by 726 million times from 1918 to 1923.
"Good humor is a tonic for mind and body. It is the best antidote for anxiety and depression. It is a business asset. It attracts and keeps friends. It lightens human burdens. It is the direct route to serenity and contentment."

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