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AGGREGATE MARKET: An economic model relating the price level and real production that is used to analyze business cycles, gross domestic product, unemployment, inflation, stabilization policies, and related macroeconomic phenomena. The aggregate market, inspired by the standard market model, captures the interaction between aggregate demand (the buyers) and short-run and long-run aggregate supply (the sellers).

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Lesson Contents
Unit 1: The Concept
  • Stretchability
  • Responsiveness
  • Quantity Changes
  • Some Definitions
  • Unit 1 Summary
  • Unit 2: A Little More
  • Two Categories
  • Why Study: Market Shocks
  • Why Study: Taxes
  • Why Study: Price Controls
  • Unit 2 Summary
  • Unit 3: Measurement
  • Two Types
  • The Coefficient
  • Doing The Numbers: Endpoint
  • Doing The Numbers: Midpoint
  • Unit 3 Summary
  • Unit 4: A Continuum
  • Elasticity Alternatives
  • Perfectly Elastic
  • Relative Elastic
  • Perfectly Inelastic
  • Relatively Inelastic
  • Unit 4 Summary
  • Unit 5: Market Elasticity
  • Four Measures
  • Elasticity Determinants
  • Unit 5 Summary
  • Course Home
    Elasticity Basics

    In this lesson, we will examine the basics of elasticity, including what it is, how it is measured, and how it is used in market analysis.

    • The first unit of this lesson, The Concept, introduces the elasticity concept and previews its role in market analysis.
    • In the second unit, A Little More, examines the importance of elasticity for such topics as market shocks, taxes, and price controls.
    • The third unit, Measurement, takes a close look at how elasticity is measured, focusing on the coefficient of elasticity.
    • The fourth unit, A Continuum, examines the five categories of elasticity, ranging from elastic to inelastic, that form a continuum.
    • The fifth unit and final unit, Market Elasticity, closes this lesson by introducing four key elasticity concepts for the market demand and supply.

    BEGIN Lesson =>


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    AUTONOMOUS NET EXPORTS

    Net exports by the foreign sector that do not depend on income or production (especially national income or gross domestic product). That is, changes in income do not generate changes in net exports. Autonomous net exports are best thought of as net exports that the foreign sector undertakes independent of income. They are measured by the intercept term of the net exports line. The alternative to autonomous net exports is induced net exports, which do depend on income.

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    APLS

    BLACK DISMALAPOD
    [What's This?]

    Today, you are likely to spend a great deal of time touring the new suburban shopping complex hoping to buy either a battery-powered, rechargeable vacuum cleaner or a remote controlled World War I bi-plane. Be on the lookout for telephone calls from former employers.
    Your Complete Scope

    This isn't me! What am I?

    The portion of aggregate output U.S. citizens pay in taxes (30%) is less than the other six leading industrialized nations -- Britain, Canada, France, Germany, Italy, or Japan.
    "There is no passion to be found playing small ‚ in settling for a life that idles than the one you are capable of living."

    -- Nelson Mandela

    NAG
    Net Annual Gain
    A PEDestrian's Guide
    Xtra Credit
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