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UTILITY ANALYSIS: A subset of consumer demand theory that analysis consumer behavior and market demand using total utility and marginal utility. The key principle of utility analysis is the law of diminishing marginal utility, which offers an explanation for the law of demand and the negative slope of the demand curve.
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Lesson 16: Aggregate Shocks | Unit 4: Complex Shifts
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Page: 16 of 21
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Shifts of the SRAS curve that move the aggregate market away of the long-run equilibrium also trigger the self-correcting mechanism that moves it back.- The initial shift of the SRAS curve is caused by any of the ceteris paribus determinants.
- The self-correcting shift of the SRAS curve is caused by wage changes triggered by an imbalance in the labor market.
Once again, we have two alternatives: - Short run aggregate supply increases.
- Short run aggregate supply decreases.
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IN-KIND PAYMENTS A payment, usually in exchange for the productive efforts of resources, that takes the form of goods and services produced by the resource buyer rather than the economy's standard monetary unit (that is, dollars). In other words, resource owners are compensated with a portion of the output that they help to produce. The standard method of compensation, which is illustrated by the circular flow model, is for a firm to pay resource owners using money revenue received from selling its production. Hence most factor payments are monetary payments. However, in some circumstances firms and resource owners find it more convenient to use actual production for compensation, eliminating the sell-production-for-money step.
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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway looking to buy either an AC adapter that won't fry your computer or a case for your designer sunglasses. Be on the lookout for slow moving vehicles with darkened windows.
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In the early 1900s around 300 automobile companies operated in the United States.
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"Sometimes when you innovate, you make mistakes. It is best to admit them quickly and get on with improving your other innovations. " -- Steve Jobs, Apple Computer founder
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VAT
Value Added Tax
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