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ANTITRUST: The generally process of preventing monopoly practices or breaking up monopolies that restrict competition. The term antitrust derives from the common use of the trust organizational structure in the late 1800s and early 1900s to monopolize markets. The most noted example of the use of a monopoly trust was the Standard Oil Trust, controlled by J. D. Rockefeller and dismantled through the Sherman Act in 1911. The creation of similar monopoly trusts led to the several antitrust laws, including the Sherman Act, the Clayton Act, and the Federal Trade Commission Act.

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Lesson 15: Aggregate Market | Unit 4: Self Correction Page: 18 of 22

Topic: Inflationary Gap <=PAGE BACK | PAGE NEXT=>

The aggregate market can automatically reach long-run equilibrium by closing an inflationary gap.

Key points:

  • Short-run equilibrium is at the intersection of the AD and the SRAS (SRo) curves.
  • The initial short-run price level is Po, and real production is Qo.
  • Short-run equilibrium is to the right of the full employment production, Qf.
  • We have an inflationary gap.
  • As wages rise, production cost increases which decreases short-run aggregate supply.
  • The SRAS curves shift to reach the full employment level at the intersection of the LRAS and AD curves.

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PRODUCT MARKETS

Markets that exchange final goods and services, that is, the output that is combined into gross domestic product. The buyers of this production are the four macroeconomic sectors--household, business, government, and foreign. The seller of this production is primarily the business sector. A substantial part of macroeconomics is devoted to explaining how and why gross domestic product exchanged through product markets rises or falls. Product markets, also termed output or goods markets, are one of three primary sets of macroeconomic markets. The other two are resource markets and financial markets.

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Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club seeking to buy either a wall poster commemorating the 2000 Presidential election or a rechargeable flashlight. Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity.
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GNP
Gross National Product
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