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October 16, 2018 

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ADJUSTMENT, LONG-RUN AGGREGATE MARKET: Disequilibrium in the long-run aggregate market induces changes in the price level that restore equilibrium. If the price level is above the long-run equilibrium price level, economy-wide product market surpluses cause the price level to fall. If the price level is below the long-run equilibrium price level, economy-wide product market shortages cause the price level to rise. In both cases long-run equilibrium is restored. Price level changes induce changes in aggregate expenditures but NOT changes in real production. The reason is that long-run aggregate supply is full-employment real production, which is unaffected by the price level.

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MOBILITY: The movement of factors of production from one productive activity to another. In particular, mobility is the ease with which resources can change production activities. Some factors are highly mobile and thus are easily switched. Other factors are highly immobile and not easily switched. Mobility generally takes one of two forms--geographic mobility and occupational mobility. Geographical mobility is the movement of factors from a productive activity in one location to a production activity in another location. Occupational mobility is the movement of factors from one type of productive activity to another type of productive activity.

     See also | labor | labor market | resources | factors of production | factor markets | geographic mobility | occupational mobility | factor supply |


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NET NATIONAL PRODUCT

The total market value of all final goods and services produced by citizens of an economy during a given period of time, usually a year, after adjusting for the depreciation of capital. Net national product (NNP) has the same relation to net domestic product (NDP) as gross national product (GNP) has to gross domestic product (GDP). Net national product also has the same relation to gross national product that net domestic product has to gross domestic product. Like NDP, NNP is a measure of the net production in the economy.

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