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PAYMENT FLOW: In the circular flow, the clockwise transfer of money in payment for the counter-clockwise physical flow of goods and services. The payment flow is the monetary payment for goods and services received by the household sector from the business sector through product markets and the monetary payment for resource services obtained by the business sector from the household sector through factor markets.

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Lesson 16: Aggregate Shocks | Unit 4: Complex Shifts Page: 19 of 21

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  • How the self-correction mechanism moves the aggregate market from short-run equilibrium to long-run equilibrium.
  • That the analysis of the shifts of the AD and SRAS curves are only the start of a process that becomes more complex when we include self-correcting shifts of the SRAS.
  • The two adjustment stages triggered by shifts of the AD curve. First, the shift of the AD curve. Second, the self-correcting shift of the SRAS curve.
  • The two adjustment stages triggered by shifts of the SRAS curve. First, the shift of the SRAS curve. Second, the self-correcting shift of the SRAS curve that returns the aggregate market back to it's original position.

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INDEX OF CONSUMER SENTIMENT

A measure of consumer attitudes, preferences, and expectations concerning the state of the economy and business-cycle conditions that is compiled each month by the Survey Research Center at the University of Michigan. The Index of Consumer Sentiment is one of two primary measures of consumer attitudes. The other is the Consumer Confidence Index developed by The Conference Board.

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Today, you are likely to spend a great deal of time lost in your local discount super center trying to buy either a set of tires or a birthday gift for your grandfather. Be on the lookout for infected paper cuts.
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This isn't me! What am I?

Woodrow Wilson's portrait adorned the $100,000 bill that was removed from circulation in 1929. Woodrow Wilson was removed from circulation in 1924.
"When you play, play hard; when you work, don't play at all. "

-- Theodore Roosevelt, 26th US president

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Life Cycle Hypothesis
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