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EXCHANGE RATES, AGGREGATE DEMAND DETERMINANT: One of several specific aggregate demand determinants assumed constant when the aggregate demand curve is constructed, and that shifts the aggregate demand curve when it changes. An increase in exchanges rates causes an increase (rightward shift) of the aggregate curve. A decrease in the exchanges rates causes a decrease (leftward shift) of the aggregate curve. Other notable aggregate demand determinants include interest rates, the money supply, inflationary expectations, consumer confidence, and the federal deficit.

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Lesson 8: Market Shocks | Unit 5: Cause and Effect Page: 18 of 20

Topic: Economic Science <=PAGE BACK | PAGE NEXT=>

Economic analysis lets us examine market shocks in a systematic manner.
  • Many things affect the market. Prices and quantities can fall or raise for many different reasons.
  • Ceteris paribus lets us isolate particular changes in the demand and supply determinants to analyze how price and quantity are affected.
  • This market-shock analysis lets us isolate the basic cause and effect principles of economic science.

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AVERAGE FIXED COST

Total fixed cost per unit of output, found by dividing total fixed cost by the quantity of output. When compared with price (per unit revenue), average fixed cost (AFC) indicates whether or not a profit-maximizing firm should shutdown production in the short run. Average fixed cost is one of three average cost concepts important to short-run production analysis. The other two are average total cost and average variable cost. A related concept is marginal cost.

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