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EQUIPMENT: One of the main categories of capital. Other categories are structures and inventories.

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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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MARGINAL FACTOR COST

The change in total factor cost resulting from a change in the quantity of factor input employed by a firm. Marginal factor cost, abbreviated MFC, indicates how total factor cost changes with the employment of one more input. It is found by dividing the change in total factor cost by the change in the quantity of input used. Marginal factor cost is compared with marginal revenue product to identify the profit-maximizing quantity of input to hire.

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Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway wanting to buy either a case of blank recordable DVDs or a pair of red goulashes with shiny buckles. Be on the lookout for jovial bank tellers.
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Okun's Law posits that the unemployment rate increases by 1% for every 2% gap between real GDP and full-employment real GDP.
"As the births of living creatures at first are ill-shapen, so are all innovations, which are the births of time. "

-- Sir Francis Bacon, philosopher

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