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PHYSICAL ASSET: A productive resource, capital, property, or satisfaction-generating good. Also termed real asset. This should be contrasted with financial assets that are legal claims on physical assets.
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Lesson 16: Aggregate Shocks | Unit 1: Instability
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Page: 3 of 21
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- The aggregate market as a tool to analyze the macroeconomy and its adjustments toward equilibrium.
- How aggregate market adjustments are important to the difference between short-run equilibrium and long-run equilibrium.
- That the aggregate market curves--AD, LRAS, and SRAS--are constructed assuming other (ceteris paribus) things remain unchanged.
- Ceteris paribus determinants as the source of business cycle fluctuations away from the long-run, full employment growth trend of the economy.
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SIGNALLING When confronted by asymmetric information, the use of small bits of information, or indicators, that suggest more comprehensive information. Signalling is used by those with more information to reduce the cost of informing those with less information. It is commonly used in markets with adverse selection. Methods of signalling include advertising, brand names, and warranties. A related method is screening.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time at a flea market trying to buy either a 200-foot blue garden hose or a video camera with stop action features. Be on the lookout for letters from the Internal Revenue Service.
Your Complete Scope
This isn't me! What am I?
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Only 1% of the U.S. population paid income taxes when the income tax was established in 1914.
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"When you play, play hard; when you work, don't play at all. " -- Theodore Roosevelt, 26th US president
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EFT
Electronic Funds Transfer
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