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AD CURVE: The aggregate demand curve, which is a graphical representation of the relation between aggregate expenditures on real production and the price level, holding all ceteris paribus aggregate demand determinants constant. The aggregate demand, or AD, curve is one side of the graphical presentation of the aggregate market. The other side is occupied by the aggregate supply curve (which is actually two curves, the long-run aggregate supply curve and the short-run aggregate supply curve). The negative slope of the aggregate demand curve captures the inverse relation between aggregate expenditures on real production and the price level. This negative slope is attributable to the interest-rate effect, real-balance effect, and net-export effect.

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Lesson 15: Aggregate Market | Unit 2: Equilibrium Page: 10 of 22

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  • How the equilibrium concept is applied to the aggregate market.
  • The three macroeconomic markets that are relevant to macroeconomic equilibrium--product, financial, and resource markets.
  • How long-run equilibrium exists when all three aggregated markets--product, financial, resource--are in equilibrium.
  • How short-run equilibrium results when the product and financial markets are in equilibrium, but the resource market is not.
  • The long-run equilibrium as a moving target that is always pursued, but seldom reached.

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ECONOMICS OF INFORMATION

The study of the role that information plays in the economy and in the allocation of resources, with special attention paid to efficient information search. Key topics in this area of study and analysis are asymmetric information, moral hazard, adverse selection, signalling, and screening. This study of the economics of information also provides insight into the analysis of risk and uncertainty, which are important to insurance and financial markets.

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APLS

YELLOW CHIPPEROON
[What's This?]

Today, you are likely to spend a great deal of time browsing through a long list of dot com websites seeking to buy either high-gloss photo paper that works with your printer or a desktop calendar with all federal and state holidays highlighted. Be on the lookout for deranged pelicans.
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This isn't me! What am I?

More money is spent on gardening than on any other hobby.
"Good judgment comes from experience, and often experience comes from bad judgment."

-- Rita Mae Brown ‚ Writer

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