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X: The standard abbreviation for exports produced by the foreign sector and purchased by the domestic economy, especially when used in the study of macroeconomics. This abbreviation is most often seen in the aggregate expenditure equation, AE = C + I + G + (X - M), where C, I, G, and (X - M) represent expenditures by the four macroeconomic sectors, household, business, government, and foreign. The United States, for example, sells a lot of the stuff produced within our boundaries to other countries, including wheat, beef, cars, furniture, and, well, almost every variety of product you care to name.

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Lesson 16: Aggregate Shocks | Unit 4: Complex Shifts Page: 17 of 21

Topic: SRAS Increase <=PAGE BACK | PAGE NEXT=>

The case of an increase in the SRAS curve. Let's start at long-run equilibrium, Po and Qf.
  • With a rightward shift of the SRAS curve, the aggregate market achieves short-run equilibrium at a lower price level and more real production.
  • The labor market imbalance causes wages and production cost to rise. The SRAS shifts leftward, returning to its original position. The price level and real production return to full employment levels.
From long run to long run, nothing changed. But before the long-run adjustment, we have more production at lower prices.

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GOVERNMENT SUBSIDIES LESS CURRENT SURPLUS OF GOVERNMENT ENTERPRISES

The difference between transfer payments from the government sector to the business sector and "profit" received by government-operated "firms." This composite item is one of several differences between national income (the resource cost of production) and gross (and net) domestic product (the market value of production) in the National Income and Product Accounts maintained by the Bureau of Economic Analysis. This item tends to be relatively small, invariably less than 1 percent of gross domestic product.

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Today, you are likely to spend a great deal of time wandering around the shopping mall seeking to buy either car battery jumper cables or a dozen high trajectory optic orange golf balls. Be on the lookout for high interest rates.
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A U.S. dime has 118 groves around its edge, one fewer than a U.S. quarter.
"Follow effective action with quiet reflection. From the quiet reflection will come even more effective action. "

-- Peter F. Drucker, author

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