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AGGREGATE MARKET SHOCKS: Disruptions of the equilibrium in the aggregate market (or AS-AD model) caused by shifts of the aggregate demand, short-run aggregate supply, or long-run aggregate supply curves. Shocks of the aggregate market are associated with, and thus used to analyze, assorted macroeconomic phenomena such as business cycles, unemployment, inflation, stabilization policies, and economic growth. The specific analysis of aggregate market shocks identifies changes in the price level (GDP price deflator) and real production (real GDP). However, changes in the price level and real production have direct implications for the unemployment rate, the inflation rate, national income, and a host of other macroeconomic measures.
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Lesson Contents
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Unit 1: Intro |
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Unit 2: Four Types |
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Unit 3: Getting Control |
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Unit 4: Using Control |
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Unit 5: Government | |
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Market Structures
Our investigation into market structures lays the foundation for a closer examination of monopoly, monopolistic competition, and oligopoly. This lesson takes a look at how markets are structured based on their competitiveness, the degree of market control held by firms, the acquisition of this market control, and the use market control. - The first unit of this lesson, Competition And Control, begins this lesson with a look at competition and market control.
- In the second unit, Four Types, we examine the four basic types of market structures -- perfect competition, monopoly, monopolistic competition, and oligopoly.
- The third unit, Getting Control, then looks at two key ways that firms are able to acquire or increase their market control -- product differentiation and entry barriers.
- In the fourth unit, Using Control, we investigate what firms do when they have market control.
- The fifth and final unit, Government, then closes this lesson by considering the role government plays in regulating market control.
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ALLOCATIVE EFFICIENCY Obtaining the most consumer satisfaction from available resources. In other words, resources are allocated in such a way that consumer satisfaction is at its highest possible level. This is also termed either efficiency or economic efficiency.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time at a going out of business sale looking to buy either a bookshelf that will fit in your closet or a birthday greeting card for your grandfather. Be on the lookout for mail order catalogs with hidden messages.
Your Complete Scope
This isn't me! What am I?
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Two and a half gallons of oil are needed to produce one automobile tire.
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"Old age isn't so bad when you consider the alternative. " -- Cato, Roman orator
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AOQ
Average Outgoing Quality
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