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JAWBONING: The use of verbal encouragement or discouragement by political leaders or other influential people to achieve particular results. This term was coined in reference to actions by President Lyndon Johnson in the 1960s. It is essentially an attempt by the President or other influential leaders to change public sentiment and move the economy in a particular direction without implementing or waiting for the results of formal economic policies. This also goes by the term moral suasion.
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Lesson Contents
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Unit 1: The Exchange |
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Unit 2: The Numbers |
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Unit 3: A Graph |
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Unit 4: Adjustment |
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Unit 5: Efficiency | |
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Market
In this lesson, we'll see how buyers (discussed in the demand lesson) come together with sellers (discussed in the supply lesson) to exchange commodities using a market. More precisely, this lesson develops an abstract market model, or market analysis, that we can use to explain and understand a wide range of real world exchanges. - This lesson begins with an overview of the basic exchange process underlying markets, including the notion of equilibrium, the roles played by price and quantity, and the importance of competition.
- In the second unit we work through a simple market analysis using demand and supply schedules, highlight both equilibrium and disequilibrium conditions.
- The third unit then carefully examines the notion of market equilibrium using demand and supply curves, which generates the widely used graphical model of the market.
- Moving onto the fourth unit, we use the graphical market model to investigate the automatic market responses to shortages and surpluses.
- The lesson concludes in the fifth unit by considering the relation between market exchanges and efficiency.
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MONETARY AGGREGATES Any of three basic measures of money, and related liquid assets, for the economy that are tracked and reported by the Federal Reserve System. They are designated M1, M2, and M3, with higher numbers containing a wider variety of assets. The smallest, M1, is used as THE medium of exchange in the economy. However, M2 provides savings that are easily converted to M1 and is considered by many as the best measure of liquid, spendable assets.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time touring the new suburban shopping complex trying to buy either a small palm tree that will fit on your coffee table or several magazines on fashion design. Be on the lookout for attractive cable television service repair people.
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This isn't me! What am I?
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A thousand years before metal coins were developed, clay tablet "checks" were used as money by the Babylonians.
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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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AS
Aggregate Supply
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