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EUROPEAN SYSTEM OF CENTRAL BANKS: The consolidation of the central banks of the member nations of the European Union, together with the European Central Bank, to oversee monetary policy. A major aspect of the Economic and Monetary Union has been coordinate the actions of distinct, independent nations under a single authority, which could probably not be achieved without the European System of Central Banks. The European System of Central Banks is comparable to the Federal Reserve System of the United States.

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Lesson 5: Demand | Unit 2: Law of Demand Page: 8 of 20

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  • The law of demand, which is a fundamental economic principle stating that demand price and quantity demanded are inversely related, ceteris paribus.
  • Ceteris paribus, a Latin term meaning that other things remain unchanged. It is used to control for factors other than price, that affect demand.
  • Why the law of demand works because of the income and substitution effects.
  • The income effect, which exists because price changes affect the purchasing power of buyers' given incomes.
  • The substitution effect, which exists because price changes make other goods relatively more or less expensive.


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AGGREGATE MARKET ANALYSIS

An investigation of macroeconomic phenomena, including unemployment, inflation, business cycles, and stabilization policies, using the aggregate market interaction between aggregate demand, short-run aggregate supply, and long-run aggregate supply. Aggregate market analysis, also termed AS-AD analysis, has been the primary method of macroeconomic analysis since replacing Keynesian economics in the 1980s. Like most economic analysis, aggregate market analysis employs comparative statics, the technique of comparing the equilibrium after a shock with the equilibrium before a shock.

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Today, you are likely to spend a great deal of time watching infomercials hoping to buy either a coffee cup commemorating the moon landing or a how-to book on surfing the Internet. Be on the lookout for mail order catalogs with hidden messages.
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The average bank teller loses about $250 every year.
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