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TOTAL PRODUCT: The total quantity of output produced by a firm for a given quantity of inputs. Total product is the foundation upon which the analysis of short-run production for a firm is analyzed. The usual framework is to analyze total product when in a variable input (labor) changes, for a given amount of a fixed input (capital). Two related concepts derived from total product are average product and marginal product.

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Lesson 9: Macro Basics | Unit 2: Macro Problems Page: 4 of 16

Topic: The Goals <=PAGE BACK | PAGE NEXT=>

A modern, complex economy like the U.S. economy pursues three macro goals:
  • Full employment: Using all available resources for production.
  • Stability: Avoiding inflation and/or fluctuations in the economy.
  • Growth: Lessening the problem of scarcity by increasing production capabilities.
  • We always pursue these goals but conflicts mean we cannot reach them at the same time.
  • More conflicts result from pursuit of the micro goals of efficiency and equity.
  • Macroeconomic problems from not reaching this goals are: production, unemployment, and inflation.

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AGGREGATE MARKET ANALYSIS

An investigation of macroeconomic phenomena, including unemployment, inflation, business cycles, and stabilization policies, using the aggregate market interaction between aggregate demand, short-run aggregate supply, and long-run aggregate supply. Aggregate market analysis, also termed AS-AD analysis, has been the primary method of macroeconomic analysis since replacing Keynesian economics in the 1980s. Like most economic analysis, aggregate market analysis employs comparative statics, the technique of comparing the equilibrium after a shock with the equilibrium before a shock.

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PURPLE SMARPHIN
[What's This?]

Today, you are likely to spend a great deal of time browsing through a long list of dot com websites looking to buy either a three-hole paper punch or decorative picture frames. Be on the lookout for infected paper cuts.
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This isn't me! What am I?

Lewis Carroll, the author of Alice in Wonderland, was the pseudonym of Charles Dodgson, an accomplished mathematician and economist.
"There comes a time when the mind takes a higher plane of knowledge but can never prove how it got there. "

-- Albert Einstein, physicist

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