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AGGREGATE DEMAND CURVE: 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 19: Money Creation | Unit 1: A Little Magic Page: 1 of 23

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

First:
  • Money is currency and checkable deposits.
  • Currency is issued by the federal government.
  • Checkable deposits are issued by commercial banks.

    Second:

  • Money is the medium of exchange.
  • Money makes production and exchange more efficient.
  • Too much money causes inflation and too little causes recession.

    Third:

  • Banks balance profit-seeking loans and deposit-protecting reserves.
  • Because a failed bank can trigger economic instability, banks are heavily regulated by the government.
Note:
  • Controlling checkable deposits is controlling a little magic.

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MARGINAL REVENUE, MONOPOLY

The change in total revenue resulting from a change in the quantity of output sold. Marginal revenue indicates how much extra revenue a monopoly receives for selling an extra unit of output. It is found by dividing the change in total revenue by the change in the quantity of output. Marginal revenue is the slope of the total revenue curve and is one of two revenue concepts derived from total revenue. The other is average revenue. To maximize profit, a monopoly equates marginal revenue and marginal cost.

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John Maynard Keynes was born the same year Karl Marx died.
"Man is born to live, not to prepare for life. "

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