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SHORTAGE: A condition in the market in which the quantity demanded is greater than the quantity supplied at the existing price. A shortage occasionally goes by the terms excess demand and sellers' market. A shortage causes an increase in the equilibrium price.

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Lesson 16: Aggregate Shocks | Unit 1: Instability Page: 3 of 21

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  • The aggregate market as a tool to analyze the macroeconomy and its adjustments toward equilibrium.
  • How aggregate market adjustments are important to the difference between short-run equilibrium and long-run equilibrium.
  • That the aggregate market curves--AD, LRAS, and SRAS--are constructed assuming other (ceteris paribus) things remain unchanged.
  • Ceteris paribus determinants as the source of business cycle fluctuations away from the long-run, full employment growth trend of the economy.

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AXIOM

A basic precondition or assumption underlying a theory. Axioms are basic, unverifiable world view assumptions--including personal beliefs, political views, and cultural values--that form the foundation of a theory.

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Today, you are likely to spend a great deal of time flipping through mail order catalogs looking to buy either a battery-powered, rechargeable vacuum cleaner or a remote controlled World War I bi-plane. Be on the lookout for crowded shopping malls.
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The 1909 Lincoln penny was the first U.S. coin with the likeness of a U.S. President.
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