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ECONOMIC RECOVERY TAX ACT: Unofficially called the Kemp-Roth, this was a cornerstone of economic policy under President Reagan passed in 1981. The three components of this act were: (1) a decrease in individual income taxes, phased in over three years, (2) a decrease in business taxes, primarily through changes in capital depreciation, and (3) the indexing of taxes to inflation, which was implemented in 1985. This act was intended to address the stagflation problems of high unemployment and high inflation that existed during that 1970s and to provide greater incentives for investment. A primary theoretical justification is found in the Laffer curve relation between tax rates and total tax collections.

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Lesson 15: Aggregate Market | Unit 3: Doing Curves Page: 14 of 22

Topic: Short-Run Equilibrium <=PAGE BACK | PAGE NEXT=>

Let's identify short-run equilibrium.
  • The negatively-sloped aggregate demand curve, is labeled AD. This curve is the same as in the long run.
  • The SRAS curve is the positively-sloped short-run aggregate supply curve.
  • The short-run aggregate market equilibrium at the intersection of the two curves.
At this short-run equilibrium:
  • The quantities of real production demanded and supplied are equal, buyers and sellers are satisfied, and the price level doesn't change.
  • But, we don't know where full employment is located. This equilibrium might involve a surplus or a shortage in the labor market.

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CIRCULAR FLOW

A model of the continuous movement of production, income, and the services of scarce resources that flow between producers and consumers. In particular, the circular flow is a model of the continuous production and consumption interaction among the four major sectors of the macroeconomy--household, business, government, and foreign--using the three macroeconomic markets--product, resource, and financial. The circular flow model provides a easy way of getting the "big picture" and of seeing how the key parts of the macroeconomy fit together.

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Today, you are likely to spend a great deal of time driving to a factory outlet seeking to buy either an electric coffee pot with automatic shutoff or a brown leather attache case. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
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Helping spur the U.S. industrial revolution, Thomas Edison patented nearly 1300 inventions, 300 of which came out of his Menlo Park "invention factory" during a four-year period.
"When you play, play hard; when you work, don't play at all. "

-- Theodore Roosevelt, 26th US president

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