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DISEQUILIBRIUM, LONG-RUN AGGREGATE MARKET: The state of the long-run aggregate market in which real aggregate expenditures are NOT equal to full-employment real production, which result in imbalances that induce changes in the price level. In other words, the opposing forces of aggregate demand (the buyers) and long-run aggregate supply (the sellers) are out of balance. Either the four macroeconomic sector (households, business, government, and foreign) buyers are unable to purchase all of the real production that they seek at the existing price level or business-sector producers are unable to sell all of the full-employment real production that they have available at the existing price level.

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Lesson 10: Gross Domestic Product | Unit 2: Looking Behind GDP Page: 12 of 25

Topic: Real GDP <=PAGE BACK | PAGE NEXT=>

GDP is the total MARKET VALUE of current economic production, that is, GDP measures current production at current market prices.
  • If we measure current economic production, current prices work fine. If we compare GDP from one year to the next year, current prices can be misleading.
  • For example... a 10% increase in GDP could result from changes in production, prices, or both. Production could be 10% higher will prices do not change. Or prices could 10% higher while production does not change. Or this could be a mix of changes in production and prices.
  • All we know is that GDP has risen by 10%, but it is difficult to know what has happened to physical production.
We need something more, we need real GDP.

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RULE OF CONSUMER EQUILIBRIUM

A condition of consumer equilibrium and utility maximization stating that the marginal utility-price ratios for all goods are equal. This rule is a handy way of checking for consumer equilibrium and utility maximization. If the rule is not satisfied, then consumer equilibrium and utility maximization are not achieved.

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