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MACROECONOMIC POLICY: Government policy aimed at the aggregate economy, usually to promote the macro goals of full employment, stability, and growth. Common macroeconomic policies are fiscal and monetary.
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Lesson Contents
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Unit 1: Factor Markets |
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Unit 2: Derived Demand |
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Unit 3: The Curve |
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Unit 4: Determinants |
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Unit 5: Taking Stock | |
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Factor Demand
- The first unit of this lesson, Background, begins this lesson by laying the foundations for the study of factor demand.
- In the second unit, Derived Demand, we see how the demand for a factor of production is based on the demand for the good it produces.
- The third unit, The Curve, then derives the factor demand curve, which is the relation between the price employers are willing to pay and the quantity demanded.
- In the fourth unit, Determinants, we examine the three key determinants that shift the factor demand curve -- product price, factor productivity, and other factor prices.
- The fifth and final unit, Taking Stock, then closes this lesson with a review of factor demand and a preview of factor market analysis in other lessons.
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AGGREGATE SUPPLY DECREASE, LONG-RUN AGGREGATE MARKET A shock to the long-run aggregate market caused by a decrease in aggregate supply, resulting in and illustrated by a leftward shift of the long-run aggregate supply curve. A decrease in aggregate supply in the long-run aggregate market results in an increase in the price level and a decrease in real production. The level of real production resulting from the shock is a smaller level of full-employment real production.
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BLACK DISMALAPOD
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Today, you are likely to spend a great deal of time searching for a specialty store wanting to buy either storage boxes for your winter clothes or several magazines on time travel. Be on the lookout for the last item on a shelf.
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In the Middle Ages, pepper was used for bartering, and it was often more valuable and stable in value than gold.
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"I don't know the key to success, but the key to failure is trying to please everybody. " -- Bill Cosby
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