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EFFECTIVE DEMAND: The notion that the actual demand for aggregate output in the macroeconomy is based on the actual income or other existing economic conditions and not on income and conditions existing in equilibrium. The idea of effective demand plays a key role in Keynesian economics and how the macroeconomy can have extended periods of unemployment. Effective demand is in direct contrast to the view underlying classical economics that demand is that existing in equilibrium.

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Lesson 8: Market Shocks | Unit 2: Determinants Page: 7 of 20

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  • How shifts in the demand and supply curves are caused by changes in their respective determinants.
  • That a decrease in demand and a decrease in supply both are leftward shifts and that an increase in demand and an increase in supply are both rightward shifts.
  • The effects of the five basic demand determinants: Income, tastes, prices of other goods, buyer's expectations and number of buyers.
  • The effects of the five basic supply determinants: resource prices, technology, prices of other goods, seller's expectations and number of sellers.


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FOURTH ESTATE

Another term for journalists, reporters, and other members of the media. This is one of four divisions of society based on economic function. The other three are government as the first estate, businesses as the second estate, and consumers as the third estate.

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Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius trying to buy either storage boxes for your computer software CDs or a set of tires. Be on the lookout for jovial bank tellers.
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The 22.6% decline in stock prices on October 19, 1987 was larger than the infamous 12.8% decline on October 29, 1929.
"It is very rare that you meet with obstacles in this world (that) the humblest man has not the faculties to surmount. "

-- Henry David Thoreau, philosopher

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