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KILLER APPLICATION: A computer program that is so incredibly useful, popular, and profitable that the company responsible for development achieves enormous growth in a relatively short time period. Several computer companies developed killer applications during the 1980s and 1990s, which contributed greatly to the computer revolution. The Lotus 1-2-3 spreadsheet program was among the first, and perhaps most noted, killer applications. This program motivated millions of businesses and consumers in the early 1980ds to purchase personal computers.

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Lesson 15: Aggregate Market | Unit 2: Equilibrium Page: 8 of 22

Topic: Three Markets <=PAGE BACK | PAGE NEXT=>

The macroeconomy contains three interrelated aggregate markets--product markets, resource markets, and financial markets.

In general, a market is in equilibrium when buyers and sellers come upon a price that generates the same quantity demanded and quantity supplied.

Two macroeconomic notions of equilibrium:

  • Long-run equilibrium: All three aggregate markets achieve equilibrium simultaneously.
  • Short-run equilibrium: Price and wage rigidity prevent equilibrium in the resource markets, even though the aggregate product and financial markets are in equilibrium.

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INTEREST RATES, AGGREGATE DEMAND DETERMINANT

One of several specific aggregate demand determinants assumed constant when the aggregate demand curve is constructed, and that shifts the aggregate demand curve when it changes. An increase in interest rates cause a decrease (leftward shift) of the aggregate curve. A decrease in interest rates an increase (rightward shift) of the aggregate curve. Other notable aggregate demand determinants include the federal deficit, inflationary expectations, and the money supply.

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Today, you are likely to spend a great deal of time at a flea market looking to buy either a package of 4 by 6 index cards, the ones with lines or a 50 foot extension cord. Be on the lookout for the last item on a shelf.
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Three-forths of the gold mined each year is used to manufacture jewelry.
"When you play, play hard; when you work, don't play at all. "

-- Theodore Roosevelt, 26th US president

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