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LONG RUN: In terms of the macroeconomic analysis of the aggregate market, a period of time in which all prices, especially wages, are flexible, and have achieved their equilibrium levels. In terms of the microeconomic analysis of production and supply, a period of time in which all inputs in the production process are variable.

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Lesson 3: Scarcity | Unit 1: The Concept Page: 2 of 17

Topic: So What? <=PAGE BACK | PAGE NEXT=>

We live in a big, bad world of scarcity.

Meaning:

  • There's never enough resources to produce everything that everyone wants,
  • Some people have to do without some of the stuff that they want or need,
  • The same resources can not be used to produce two different goods at the same time, and
  • Doing one thing, producing one good, performing one activity, forces you to give up something else.

Then:

  • Scarcity is what the study of economics is all about.

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AGGREGATE DEMAND AND MARKET DEMAND

The aggregate demand curve, or AD curve, has similarities to, but differences from, the standard market demand curve. Both are negatively sloped. Both relate price and quantity. However, the market demand curve is negatively sloped because of the income and substitution effects and the aggregate demand curve is negatively sloped because of the real-balance, interest-rate, and net-export effects.

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Today, you are likely to spend a great deal of time searching the newspaper want ads looking to buy either a half-dozen helium filled balloons or a packet of address labels large enough for addresses of both the sender and the recipient. Be on the lookout for vindictive digital clocks with revenge on their minds.
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Sixty percent of big-firm executives said the cover letter is as important or more important than the resume itself when you're looking for a new job
"Whatever course you decide upon, there is always someone to tell you that you are wrong. There are always difficulties arising which tempt you to believe that your critics are right. To map out a course of action and follow it to an end requires...courage."

-- Ralph Waldo Emerson

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