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SDR: The abbreviation for Special Drawing Rights, which is a system of accounts nations have with International Monetary Fund that are used to settle any balance of payments deficits. In essence, SDRs are simply an international currency that makes it easier to conduct all sorts of international transactions. In decades past, when gold was used as the primary international currency, any balance of payments deficits was paid with gold. However, in 1967 this system of SDRs was established in lieu of sending gold all over the globe.

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Lesson 16: Aggregate Shocks | Unit 1: Instability Page: 2 of 21

Topic: Fluctuations <=PAGE BACK | PAGE NEXT=>

Our goal is to explain business cycle fluctuations.
  • The real GDP path the economy would take with long-run equilibrium--at full employment--is the straight, green upward-sloping line.
  • The actual real GDP path, the jagged red line, tends to be less smooth.
  • The business cycle is the movement above and below the long-run trend.
  • When the actual is below the long-run equilibrium line, we get unemployment.
  • When the actual is above the long-run equilibrium line, we get inflation.
  • Ceteris paribus factors are what create fluctuations away from the long-run trend.
  • Aggregate demand determinants are the main cause.

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LAW OF DEMAND

The inverse relationship between demand price and the quantity demanded, assuming ceteris paribus factors are held constant. This fundamental economic principle indicates that a decrease the price of a commodity results in an increase in the quantity of the commodity that buyers are willing and able to purchase in a given period of time, if other factors are held constant. The law of demand is one of the most important principles found in the study of economics.

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Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors trying to buy either a large flower pot shaped like a Greek urn or a small palm tree that will fit on your coffee table. Be on the lookout for fairy dust that tastes like salt.
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The word "fiscal" is derived from a Latin word meaning "moneybag."
"After climbing a great hill, one finds many more hills to climb. "

-- Nelson Mandela, president of South Africa

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