March 21, 2018 

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VERTICAL EQUITY: A system of taxes that treats unequal people unequally. In other words, if you make the less income than someone else and pay fewer personal income taxes, then we have vertical equity.

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Lesson 8: Market Shocks | Unit 4: Double Shifts Page: 15 of 20

Topic: Less Demand and Less Supply <=PAGE BACK | PAGE NEXT=>

Here we have demand decreasing (tastes change) and supply decreasing (number of sellers declines).
  • A decrease in demand causes a decrease in both price and quantity.
  • A decrease supply causes price to increase and quantity to decrease.
  • The combined effect is an obvious decrease in quantity but a questionable change in price.
  • At the new equilibrium the price is indeterminant.
  • If both demand and supply curve shift in the same direction, then quantity also changes in that direction, but price is indeterminant.

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One of several specific aggregate expenditures determinants assumed constant when the aggregate expenditures line is constructed, and that shifts the aggregate expenditures line when it changes. An increase in the federal deficit causes an increase (upward shift) of the aggregate expenditures line. A decrease in the federal deficit causes a decrease (downward shift) of the aggregate expenditures line. Other notable aggregate expenditures determinants include consumer confidence, financial wealth, inflationary expectations, and exchange rates.

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Today, you are likely to spend a great deal of time at a garage sale wanting to buy either a rechargeable battery for your cell phone or a T-shirt commemorating the 2000 Olympics. Be on the lookout for defective microphones.
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The Dow Jones family of stock market price indexes began with a simple average of 11 stock prices in 1884.
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