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LONG RUN: In terms of the macroeconomic analysis of the aggregate market, a period of time in which all prices, especially wages, are flexible, and have achieved their equilibrium levels. In terms of the microeconomic analysis of production and supply, a period of time in which all inputs in the production process are variable.

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Lesson 8: Market Shocks | Unit 2: Determinants Page: 4 of 20

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

Shifts in the demand curve are originated by changes in the demand determinants and shifts in the supply curve by changes in the supply determinants.

Determinant changes cause shifts:

  • Increase in demand is a rightward shift.
  • Decrease in demand is a leftward shift.
  • Increase in supply is a rightward shift.
  • decrease in supply is a leftward shift.
Note that:
  • An increase in demand and an increase in supply both are rightward shifts.
  • A decrease in demand and a decrease in supply both are leftward shifts.

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SCIENCE

A discipline, or topic of study, that uses the scientific method to investigate and explain the operation of the world by testing and verifying hypothesized relations. Science is commonly divided into physical sciences (including chemistry, physics, and biology) and social sciences (including economics, sociology, and political science). Science is not just a subject, but a method of investigation using the scientific method.

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Today, you are likely to spend a great deal of time browsing about a thrift store trying to buy either a coffee cup commemorating the first day of spring or a printer that works with your stockpile of ink cartridges. Be on the lookout for slightly overweight pizza delivery guys.
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A communal society, a prime component of Karl Marx's communist philosophy, was advocated by the Greek philosophy Plato.
"You have to find something that you love enough to be able to take risks, jump over the hurdles and break through the brick walls that are always going to be placed in front of you. If you don't have that kind of feeling for what it is you're doing, you'll stop at the first giant hurdle. "

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