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AGGREGATE MARKET EQUILIBRIUM: The state of equilibrium that exists in the aggregate market when real aggregate expenditures are equal to real production with no imbalances to induce changes in the price level or real production. In other words, the opposing forces of aggregate demand (the buyers) and aggregate supply (the sellers) exactly offset each other. The four macroeconomic sector (household, business, government, and foreign) buyers purchase all of the real production that they seek at the existing price level and business-sector producers sell all of the real production that they have at the existing price level. The aggregate market equilibrium actually comes in two forms: (1) long-run equilibrium, in which all three aggregated markets (product, financial, and resource) are in equilibrium and (2) short-run equilibrium, in which the product and financial markets are in equilibrium, but the resource markets are not.

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Lesson 13: The Firm | Unit 4: U.S. Firms Page: 21 of 24

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In this unit, you should have learned about:
  • The distribution of productive activity among proprietorships, partnerships, and corporations in the U.S. economy.
  • How proprietorships tend to be small scale operations, with 73% of the firms producing only 5% of the output.
  • How corporations tend to be large scale operations, with 20% of the firms producing 89% of the output.
  • The types of industries -- construction, transportation, trade, and services -- that tend to attract proprietorships.
  • The types of industries -- agriculture, mining, and especially finance -- that tend to attract partnerships.
  • The types of industries -- mining, manufacturing, trade, and finance -- that tend to attract corporations.

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ASSUMPTIONS, KEYNESIAN ECONOMICS

The macroeconomic study of Keynesian economics relies on three key assumptions--rigid prices, effective demand, and savings-investment determinants. First, rigid or inflexible prices prevent some markets from achieving equilibrium in the short run. Second, effective demand means that consumption expenditures are based on actual income, not full employment or equilibrium income. Lastly, important savings and investment determinants include income, expectations, and other influences beyond the interest rate. These three assumptions imply that the economy can achieve a short-run equilibrium at less than full-employment production.

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