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September 19, 2021 

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MARKET PERIOD: A period of time in which at all inputs in the production process are fixed, meaning the quantity of output itself is fixed. In other words, you've produced the good, you're not going to produced any more for now, all that remains is to sell it. You should compare market period with short run and production, long run and production, and very long run.

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Lesson Contents
Unit 1: Buying Basics
  • The Concept
  • Demand Price
  • Quantity Demanded
  • Unit 1 Summary
  • Unit 2: Law of Demand
  • Definition
  • Income Effect
  • Substitution Effect
  • Unit 2 Summary
  • Unit 3: Demand Curve
  • Schedule
  • Curve
  • Space
  • Unit 3 Summary
  • Unit 4: Determinants
  • Ceteris Paribus Factors
  • Shifters: Increase
  • Shifters: Decrease
  • Types
  • Ch...Ch...Changes
  • Unit 4 Summary
  • Unit 5: Scarcity
  • Unlimited Wants
  • Unit 5 Summary
  • Unit 6:
  • Unit 6 Summary
  • Course Home
    Demand

    This lesson on demand offers a little insight into the purchases of a wide range of goods. In fact, this demand topic is does more than offer insight into buying behavior. It's also one half of the market analysis -- the other half being supply. And market analysis is one of the most widely used tools in the study of economics. Economists explain a lot of economic phenomenon using markets. But to use markets, we need demand. And that brings us back to this lesson.

    • In the first unit of this lesson we examine the basic concept of demand. While you've likely come across the term demand before, we'll see the specific way the term is used in economics.
    • The second unit then takes a look at the law of demand, which is one of the most important and most fundamental economic principles that we'll encounter.
    • As we more on to the third unit, our attention turns to the demand curve, which is the graphical embodiment of the demand concept.
    • In the fourth unit, we examine how the five basic demand determinants cause the demand curve to shift from one location to another.
    • And finally in the fifth unit, we make a connection between demand and the fundamental problem of scarcity.

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    AGGREGATE DEMAND DECREASE, LONG-RUN AGGREGATE MARKET

    A shock to the long-run aggregate market caused by a decrease in aggregate demand resulting in and illustrated by a leftward shift of the aggregate demand curve. A decrease in aggregate demand in the long-run aggregate market results in an increase in the price level but no change in real production. The level of real production resulting from the aggregate demand shock is full-employment real production.

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    APLS

    WHITE GULLIBON
    [What's This?]

    Today, you are likely to spend a great deal of time at a garage sale seeking to buy either decorative garden figurines or a wall poster commemorating last Friday (you know why). Be on the lookout for strangers with large satchels of used undergarments.
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    This isn't me! What am I?

    A half gallon milk jug holds about $50 in pennies.
    "When you play, play hard; when you work, don't play at all. "

    -- Theodore Roosevelt, 26th US president

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