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ADAM SMITH: A Scottish professor (born 1723, died 1790) who is considered the father of modern economics for his revolutionary book, entitled An Inquiry into the Nature and Causes of the Wealth of Nations published in 1776.

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Lesson 13: Aggregate Demand | Unit 1: The Concept Page: 2 of 22

Topic: Circular Flow <=PAGE BACK | PAGE NEXT=>

Aggregate demand and the aggregate market are all about the flow of production through the product markets of the circular flow.

The circular flow is the continuous flow of production, income, and resources between households and businesses.

  • Businesses acquire the services of productive factors through the factor markets
  • Households acquire the resulting production from businesses through the product markets
  • The aggregate market combines all of the individual markets for individual goods and services into a overall, comprehensive, complete, aggregate product market.
  • This is the demand side of the aggregate market.

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BANK BALANCE SHEET

A record of the assets, liabilities, and net worth of a bank at a given point in time. Assets are what a bank owns. Liabilities are what a bank owes. Net worth is the difference between the two and what is claimed by or owed to the owners of the bank. By definition, a balance sheet must balance. The assets on one side are equal to the liabilities and net worth on the other.

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RED AGGRESSERINE
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Today, you are likely to spend a great deal of time at a flea market trying to buy either a 200-foot blue garden hose or a video camera with stop action features. Be on the lookout for letters from the Internal Revenue Service.
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This isn't me! What am I?

Lewis Carroll, the author of Alice in Wonderland, was the pseudonym of Charles Dodgson, an accomplished mathematician and economist.
"When you play, play hard; when you work, don't play at all. "

-- Theodore Roosevelt, 26th US president

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