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LABOR AGREEMENT: A formal, official, legal contract between a firm and the labor union representing the firm's employees. Such an agreement stipulates the various aspects of employment, including wages, fringe benefits, vacations, layoffs, promotions, and grievance procedures. The terms of the agreement are generally negotiated through the collective bargaining process. Should the collective bargaining process breakdown, the terms of the labor agreement might be helped along through a third-party mediator. If this doesn't help, then the labor union might call a strike or the firm might impose a lockout. Once in effect, any questions about the terms of the agreement are often subject to arbitration.

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

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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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PHYSICAL SCIENCE

The scientific study of the physical world, especially nonhuman, nonsociety phenomena, such as atoms, planets, wildlife, and continental drift. Common disciplines that study these physical phenomena are physics, chemistry, biology, geology, and astronomy. Physical science is one of two broad scientific classifications. The other is social science, which is the study human behavior and society.

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Today, you are likely to spend a great deal of time strolling through a department store wanting to buy either a T-shirt commemorating the first day of winter or software that won't crash your computer. Be on the lookout for slow moving vehicles with darkened windows.
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Ragnar Frisch and Jan Tinbergen were the 1st Nobel Prize winners in Economics in 1969.
"The secret of getting ahead is getting started. The secret of getting started is breaking your complex, overwhelming tasks into small manageable tasks, and then starting on the first one. "

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