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X-M: The abbreviation for net exports, which is the difference between exports, goods and services produced by the domestic economy and purchased by the foreign sector, and imports, goods and services produced by the foreign sector and purchased by the domestic economy. While exports and imports important unto themselves, when combined into a single measure net exports captures the overall interaction between the foreign sector and the domestic economy. Arithmetically speaking, if exports exceed imports, then net exports are positive, and if imports exceed exports, the net exports are negative.

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Lesson 15: Aggregate Market | Unit 4: Self Correction Page: 19 of 22

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  • How the short-run equilibrium creates an imbalance in the labor market that leads to self-correction of the aggregate market to the long-run equilibrium.
  • How the aggregate market adjusts to full employment automatically, with shifts of the short-run aggregate supply curve to eliminate a recessionary gap.
  • How the aggregate market adjusts to full employment automatically, with shifts of the short-run aggregate supply curve to eliminate a inflationary gap.

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VERY SHORT RUN, MICROECONOMICS

A production period of time in which at all inputs in the production process are fixed, meaning the quantity of output itself is fixed. Also termed market period, the very short run exists if the period is so short that no additional production is possible. In other words, the good has been produced, all that remains is to sell it. This is one of four production time periods used in the study of microeconomics. The other three are short run, long run, and very long run.

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Today, you are likely to spend a great deal of time browsing about a thrift store hoping to buy either clothing for your kitty cats or a set of luggage without wheels. Be on the lookout for small children selling products door-to-door.
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Approximately three-fourths of the U.S. paper currency in circular contains traces of cocaine.
"Man is born to live, not to prepare for life. "

-- Boris Pasternak, writer

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