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LOCAL OUTPUT: An output that has a relatively small geographic market area due to the high cost of transportation. The high transportation cost means it is easier (that is, less expensive) to locate consumers near the output rather than trying to bring the output to the consumers. Like many things, local outputs are a matter of degree. At the other end of the spectrum lies transferrable outputs. Services, such as legal advice, health care, and entertainment, that are consumed as they are produced, tend to have a great deal of local orientation.

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Lesson 16: Aggregate Shocks | Unit 4: Complex Shifts Page: 19 of 21

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  • How the self-correction mechanism moves the aggregate market from short-run equilibrium to long-run equilibrium.
  • That the analysis of the shifts of the AD and SRAS curves are only the start of a process that becomes more complex when we include self-correcting shifts of the SRAS.
  • The two adjustment stages triggered by shifts of the AD curve. First, the shift of the AD curve. Second, the self-correcting shift of the SRAS curve.
  • The two adjustment stages triggered by shifts of the SRAS curve. First, the shift of the SRAS curve. Second, the self-correcting shift of the SRAS curve that returns the aggregate market back to it's original position.

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ALLOCATION

The process of distributing resources for the production of goods and services, and of distributing goods and services for the satisfaction of wants and needs and human consumption. This allocation process is an essential part of an economy's effort to address the problem of scarcity.

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