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NLRA: The common abbreviation for the National Labor Relations Act, passed in 1935. This was a major labor union promoting act under New Deal program of the Roosevelt administration, which modified and replaced the National Industrial Recovery Act that was declared unconstitutional earlier in the year. Also known as the Wagner Act, it outlawed unfair labor practices by employers, such as the refusal by a firm to negotiate with a union representing a majority of its employees. It also established the National Labor Relations Board, which oversees labor activities.

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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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REAL-BALANCE EFFECT

A change in aggregate expenditures on real production made by the household, business, government, and foreign sectors that results because a change in the price level alters the purchasing power of money. This is one of three effects underlying the negative slope of the aggregate demand curve associated with a movement along the aggregate demand curve and a change in aggregate expenditures. The other two are interest-rate effect and net-export effect. The real-balance effect is somewhat analogous to the income effect underlying the negative slope of the market demand curve.

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APLS

BEIGE MUNDORTLE
[What's This?]

Today, you are likely to spend a great deal of time browsing through a long list of dot com websites wanting to buy either a birthday greeting card for your father or a T-shirt commemorating the first day of spring. Be on the lookout for vindictive digital clocks with revenge on their minds.
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This isn't me! What am I?

On a typical day, the United States Mint produces over $1 million worth of dimes.
"When you play, play hard; when you work, don't play at all. "

-- Theodore Roosevelt, 26th US president

PDV
Present Discounted Value
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