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BALANCED BUDGET: An equality between the revenues and expenditures that constitute a budget. The notion of a budget is most important for governments, where revenues are taxes and expenditures are assorted public goods, administrative expenses, etc. While the federal government has been notorious for its failure to maintain a balanced budget, except for periods of unexpected prosperity, many state and local governments are very good at this sort of thing.

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Lesson 8: Market Shocks | Unit 2: Determinants Page: 6 of 20

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

Five basic supply determinants:
  • Resource prices: Higher prices of inputs such as labor, land, and raw material, decrease supply.
  • Technology: Improved technology means an increase in supply.
  • Prices of other goods: An increase in the price of a substitute-in-production, decreases supply. An increase in the price of a complement-in-production, increases supply.
  • Seller's expectations: If sellers expect higher prices tomorrow, they decrease supply today.
  • Number of sellers: More sellers mean more supply.

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AGGREGATE DEMAND INCREASE, LONG-RUN AGGREGATE MARKET

A shock to the long-run aggregate market caused by an increase in aggregate demand resulting in and illustrated by a rightward shift of the aggregate demand curve. An increase in aggregate demand in the long-run aggregate market results in an increase in the price level but no change in real production. The level of real production resulting from the aggregate demand shock is full-employment real production.

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Before 1933, the U.S. dime was legal as payment only in transactions of $10 or less.
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