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KEYNESIAN DISEQUILIBRIUM: The state of the Keynesian model in which aggregate expenditures are not equal to aggregate production, which results in an imbalance that induces a change in aggregate production. In other words, the opposing forces of aggregate expenditures (the buyers) and aggregate production (the sellers) are out of balance. At the existing level of aggregate production, either the four macroeconomic sectors (household, business, government, and foreign) are unable to purchase all of the production that they seek or producers are unable to sell all of the production that they have.
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Lesson Contents
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Unit 1: The Macroeconomy |
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Unit 2: Macro Problems |
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Unit 3: Business Cycles |
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Unit 4: Policies |
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Unit 5: Issues | |
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Macro Basics
In lesson, we move into the formal study of macroeconomics, laying the groundwork for lessons to come. In particular, this lesson introduces several important macroeconomics concepts and notions. Among the list of more important notions are the role an economy plays in the study of macroeconomics, the two key macroeconomic problems of inflation and unemployment, how these problems are related business-cycle instability, and economic stabilization policies designed to correct these problems. - The first unit of this lesson lays the foundation of for the study of macroeconomics, introducing the nature of an economy and providing a little information about the U.S. economy.
- In the second unit, we examine some of the more notable macroeconomics problems, especially production, unemployment, and inflation.
- We then take a look at the importance of business cycles in the macroeconomy, including recent trends in business cycle activity and a few potential business cycle causes.
- The fourth unit then examines the role that economic policies play in the macroeconomy.
- The firth unit wraps up this lesson with a few thoughts about the connection between political philosophies, economic policies, and economic theories.
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CONSUMPTION FUNCTION A mathematical relation between consumption and income by the household sector. The consumption function can be stated as an equation, usually a simple linear equation, or as a diagram designated as the consumption line. This function captures the consumption-income relation that forms one of the key building blocks for Keynesian economics. The two key parameters of the consumption function are the intercept term, which indicates autonomous consumption, and the slope, which is the marginal propensity to consume and indicates induced consumption. Aggregate expenditures used in Keynesian economics are derived by adding investment, government purchases, and net exports to the consumption function.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time surfing the Internet wanting to buy either a wall poster commemorating the first day of spring or a lazy Susan for you dining room table. Be on the lookout for gnomes hiding in cypress trees.
Your Complete Scope
This isn't me! What am I?
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The New York Stock Exchange was established by a group of investors in New York City in 1817 under a buttonwood tree at the end of a little road named Wall Street.
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"To sit back and let fate play its hand out, and never influence it, is not the way man was meant to operate." -- John Glenn, astronaut, U.S. senator
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AFRA
Average Freight Rate Assessment
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