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LRAC: The abbreviation for long-run average cost, which is the per unit cost of producing a good or service in the long run when all inputs are variable. In other words, long-run total cost divided by the quantity of output produced. Long-run average cost is based on economies of scale (or increasing returns to scale) and diseconomies of scale (or decreasing returns to scale).

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Lesson 15: Aggregate Market | Unit 1: The Concept Page: 1 of 22

Topic: What It Is <=PAGE BACK | PAGE NEXT=>

In this lesson we will learn about the aggregate market and how it is used to understand and explain the macroeconomy.

A definition:

  • The aggregate market is the combined product markets for all final goods and services produced in the economy in a given time period, usually one year.
  • It combines aggregate demand and aggregate supply to analyze the price level and real production.
  • Everyone is part of the aggregate market: the household, business, government, and foreign sectors.
  • The aggregate market (also called AD/AS analysis) is a tool for explaining the macroeconomy

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OUTPUT GAPS

Recessionary and inflationary gaps created by differences between equilibrium real production achieved by the short-run aggregate market and full-employment real production. A recessionary gap occurs if short-run equilibrium real production is less than full-employment real production. An inflationary gap results if short-run real equilibrium production is greater than full-employment real production.

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Today, you are likely to spend a great deal of time lost in your local discount super center trying to buy either a solid oak entertainment center or a remote controlled ceiling fan. Be on the lookout for fairy dust that tastes like salt.
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Post WWI induced hyperinflation in German in the early 1900s raised prices by 726 million times from 1918 to 1923.
"Lord, where we are wrong, make us willing to change; where we are right, make us easy to live with. "

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