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VERTICAL EQUITY: A system of taxes that treats unequal people unequally. In other words, if you make the less income than someone else and pay fewer personal income taxes, then we have vertical equity.

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Lesson 10: Utility and Demand | Unit 2: A Simple Choice Page: 7 of 21

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In this unit, you should have learned about:
  • How the total and marginal utility derived from consuming a good affects the quantity consumed.
  • How a buyer will consume the quantity of a good that generates the highest possible level of utility if not constrained by prices and income.
  • How constraints imposed by prices and income prevent a buyer from consuming the highest possible level of utility.
  • How changes in the price of a good cause a different quantity of a good to be consumed that generates a different marginal utility.

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AGGREGATE DEMAND DECREASE, LONG-RUN AGGREGATE MARKET

A shock to the long-run aggregate market caused by a decrease in aggregate demand resulting in and illustrated by a leftward shift of the aggregate demand curve. A decrease 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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Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club hoping to buy either a birthday gift for your grandmother or a T-shirt commemorating yesterday. Be on the lookout for telephone calls from former employers.
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Lombard Street is London's equivalent of New York's Wall Street.
"The mediocre teacher tells. The good teacher explains. The superior teacher demonstrates. The great teacher inspires."

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