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WEALTH OF NATIONS, THE: Officially titled "An Inquiry into the Nature and Causes of the Wealth of Nations", this book written by Adam Smith and published in 1776, is considered to be the foundation for the modern study of economics. The Wealth of Nations was the first to combine assorted economic discourse and analyses into a single book. One of its most important themes is the efficiency of free trade and market exchanges unrestricted by government that leads to macroeconomic full employment and microeconomic efficiency. The Wealth of Nations is one of the most famous books worldwide. It continues to provide economic insight over two hundred years after its initial appearance.
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Lesson Contents
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Unit 1: The Concept |
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Unit 2: Doing More |
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Unit 3: The Curve |
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Unit 4: Determinants |
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Unit 5: Policies Plus | |
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Aggregate Demand
This lesson introduces aggregate demand, the demand-side of the aggregate market. The aggregate market is the key model used to explain and analyze the workings of the macroeconomy and aggregate demand is a critical half of this model (the other is aggregate supply). Taking a clue from market demand, this lesson examines the nature of aggregate demand, including the relation between the price level and aggregate expenditures, the reason the aggregate demand curve is negatively sloped, and the assorted aggregate demand determinants that cause the aggregate demand curve to shift. - The first unit of this lesson introduces the concept of aggregate demand and how it fits into the study of macroeconomics in terms of the aggregate market and circular flow.
- In the second unit, we example the four aggregate expenditures -- consumption, investment, government purchases, and net exports -- the make up aggregate demand.
- The third unit then examines the aggregate demand curve that captures the aggregate demand relation between the price level and aggregate expenditures, especially the importance of the real-balance, interest-rate, and net-export effects.
- A look at the assorted aggregate demand determinants that shift the aggregate demand curves is the topic of the fourth lesson.
- We end this lesson in the fifth unit with a look how demand-management policies work to stabilize business cycles through aggregate demand.
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PRODUCTION TECHNOLOGY, SUPPLY DETERMINANT The knowledge and information that suppliers have about production (that is, production techniques or the way inputs are combined to produce outputs) which are assumed constant when a supply curve is constructed. Production technology is one of five supply determinants that shift the supply curve when they change. The other four are resource prices, other prices, sellers' expectations, and number of sellers.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time wandering around the downtown area hoping to buy either galvanized steel storage shelves or a large green chalkboard shaped like the state of Maine. Be on the lookout for infected paper cuts.
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This isn't me! What am I?
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Before 1933, the U.S. dime was legal as payment only in transactions of $10 or less.
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"In a time of drastic change, it is the learners who inherit the future. " -- Eric Hoffer, philosopher
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FIML
Full Information Maximum Likelihood
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