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AEA: The abbreviation for, the American Economic Association, an organization of over 25,000 professional economists. Founded in 1885, this premier top-of-the-economic-association-list publishes the prestigious American Economic Review, arguably THE number one scholarly U.S. economic journal and the Journal of Economic Literature, arguably THE number one index of economic journal publications. The AEA, as acronymically inclined economists call it, also sponsors an annual conference where professional economists present scholarly papers on their latest scholarly research.
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Lesson 15: Aggregate Market | Unit 3: Doing Curves
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Page: 12 of 22
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Topic:
Long Run Disequilibrium: Too High
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We can see what happens if the price level is not at the long-run equilibrium price level of Pe. If price level is the too high the supply of real production is greater than demand. We have surpluses in product markets throughout the economy. Market prices decrease and so too does the price level. Aggregate expenditures then increase to reach full employment.
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MACROECONOMIC SECTORS The four aggregate sectors of the macroeconomy--household, business, government, and foreign--that reflect four key macroeconomic functions and are responsible for four expenditures on gross domestic product. These four sectors are the primary "actors" on the macroeconomic stage. Macroeconomic theories then explain macroeconomic phenomena by exploring the interaction among these four sectors.
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Two and a half gallons of oil are needed to produce one automobile tire.
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"Progress always involves risk. You can't steal second base and keep your foot on first. " -- Frederick B. Wilcox
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CCAPM
Consumption-Based Capital Asset Pricing Model
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