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EQUILIBRIUM, AGGREGATE MARKET: The state of the aggregate market in which real aggregate expenditures are equal to real production, which means that the price level, aggregate expenditures, and/or real production do not change. In other words, the opposing forces of aggregate demand (the buyers) and aggregate supply (the sellers) are in balance.

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Lesson 7: Market Equilibrium | Unit 5: The Method Page: 22 of 22

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  • How efficient use of resources can automatically result from the self-correcting tendency of markets to achieve equilibrium.
  • The demand price on the demand curve as the value of goods produced by society.
  • The supply price on the supply curve as the value of goods not produced by society.
  • How too much or too little production generates inequality between the demand price and the supply price, and prevents efficiency.
  • How market imperfections, including the lack of competition and externalities, prevent efficiency.


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ECONOMICS

A social science that studies the allocation of limited resources used to produce the goods and services that satisfy unlimited consumer wants and needs. Economics is one of several social sciences (others are sociology, political science, and anthropology) which applies the scientific method to human behavior. The distinguishing feature of economics is a concern with the fundamental problem of scarcity--unlimited wants and needs and limited resources. Economics is commonly divided into two branches--macroeconomics and microeconomics.

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APLS

GREEN LOGIGUIN
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Today, you are likely to spend a great deal of time lost in your local discount super center seeking to buy either a how-to book on fine dining or a coffee cup commemorating the first day of winter. Be on the lookout for neighborhood pets, especially belligerent parrots.
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Ragnar Frisch and Jan Tinbergen were the 1st Nobel Prize winners in Economics in 1969.
"Good judgment comes from experience, and often experience comes from bad judgment."

-- Rita Mae Brown ‚ Writer

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Dow Jones
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