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NET EXPORTS: 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. You might want to examine the closely related entry, balance of trade.

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Lesson 15: Aggregate Market | Unit 2: Equilibrium Page: 7 of 22

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Equilibrium in the aggregate market occurs when the forces of aggregate demand and aggregate supply are balanced.
  • Equilibrium is a balance of forces that will remain unchanged until some other, outside force intervenes.
  • For the market, the forces are supply and demand. For the aggregate market, the forces are aggregate demand and aggregate supply.
  • The aggregate demand force is our four sectors who want GDP at the lowest price level possible.
  • The aggregate supply force is our scarce resources who want to sell GDP at the highest prices possible.

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AGGREGATE DEMAND INCREASE, LONG-RUN AGGREGATE MARKET

A shock to the long-run aggregate market caused by an increase in aggregate demand resulting in and illustrated by a rightward shift of the aggregate demand curve. An increase in aggregate demand in the long-run aggregate market results in an increase in the price level but no change in real production. The level of real production resulting from the aggregate demand shock is full-employment real production.

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Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors wanting to buy either yellow cotton balls or a set of steel-belted radial snow tires. Be on the lookout for the happiest person in the room.
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Francis Bacon (1561-1626), a champion of the scientific method, died when he caught a severe cold while attempting to preserve a chicken by filling it with snow.
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