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OKUN'S LAW: A relationship that says that the gap between actual and full employment output level of gross domestic product widens by 3.0% for each percentage point increase in the unemployment rate. When Arthur Okun discovered this empirical relationship he was on President Kennedy's Council of Economic Advisers (CEA). Okun cautioned that the relationship was valid only within unemployment rates of 3% and 7.5%.
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Lesson 8: Market Shocks | Unit 1: Adjustments
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In this lesson we use the market as a tool to understand our economic world, specifically, we see how markets move from one equilibrium to another. One goal of this lesson: - Use the market model to examine the why and how of market shocks, adjustments to a new equilibrium.
Why do we do this?- Markets in the real world do not remain at the same equilibrium forever. Markets move. Prices and quantities change.
To understand real world changes, we need to analyze what happens to the market when a shock disrupt it.
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PLANNED ECONOMY An economy, or economic system, that relies heavily on central planning by government to allocate resources and answer the three basic questions of allocation. A planned economy is often a type of command economy, in which government uses its coercive powers to implement central planning allocation decisions.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time flipping through mail order catalogs hoping to buy either a coffee cup commemorating the first day of winter or a video game player. Be on the lookout for the happiest person in the room.
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This isn't me! What am I?
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The first paper notes printed in the United States were in denominations of 1 cent, 5 cents, 25 cents, and 50 cents.
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"The past cannot be changed. The future is yet in your power. " -- Hugh White, U.S. Senator
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ASX
Australian Stock Exchange
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