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AD CURVE: The aggregate demand curve, which is a graphical representation of the relation between aggregate expenditures on real production and the price level, holding all ceteris paribus aggregate demand determinants constant. The aggregate demand, or AD, curve is one side of the graphical presentation of the aggregate market. The other side is occupied by the aggregate supply curve (which is actually two curves, the long-run aggregate supply curve and the short-run aggregate supply curve). The negative slope of the aggregate demand curve captures the inverse relation between aggregate expenditures on real production and the price level. This negative slope is attributable to the interest-rate effect, real-balance effect, and net-export effect.

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Lesson 16: Aggregate Shocks | Unit 4: Complex Shifts Page: 18 of 21

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

The case of an decrease in the SRAS curve. Again we start at long-run equilibrium, Po and Qf.
  • With a leftward shift of the SRAS curve, the aggregate market achieves short-run equilibrium at a higher price level and less real production.
  • The labor market imbalance causes wages and production cost to fall. The SRAS shifts rightward, 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 less production at higher prices.

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TRADITIONAL BANKS

The first financial intermediaries to function as depository institutions, maintain deposits, make loans, and directly control the checkable deposits portion of the economy's money supply. Traditional banks were THE original banks, the financial depository institutions first to offer checkable deposits. Traditional banks invariably have the word "bank" in their names and are charted by either the Comptroller of the Currency or one of the fifty state corporation commissions. Three other types of banks, as a group commonly termed thrift institutions, are credit unions, savings and loan associations, and mutual savings banks.

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Today, you are likely to spend a great deal of time wandering around the downtown area wanting to buy either a New York Yankees baseball cap or several magazines on home repairs. Be on the lookout for telephone calls from former employers.
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On a typical day, the United States Mint produces over $1 million worth of dimes.
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