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HECKSCHER-OHLIN MODEL: A model of international trade developed by Eli Heckscher and Bertil Ohlin, with significant contributions by Paul Samuelson, that relies on the notion that comparative advantage is based on relative natural resource endowments. A nation with large oil reserves will, for example, have a comparative advantage in oil production over another nation with fertile soil, which will have a comparative advantage in agricultural production.

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Lesson 16: Aggregate Shocks | Unit 2: Extension Page: 4 of 21

Topic: Instability <=PAGE BACK | PAGE NEXT=>

Before getting to the graphs, here are four specific real-world-type issues to illustrate the direction that we're headed with our analysis of instability:
  • Increases in physical wealth, especially consumer durable goods and capital investment, which affect aggregate demand.
  • Changes in monetary policy that affect interest rates, which affect aggregate demand expenditures on durable goods and capital.
  • Technological advances that improve long-run and short-run aggregate supply.
  • Changes in wages and production costs that affect short-run aggregate supply.

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CENTRAL BANK

The banking authority of a nation that is charged of ensuring a sound money supply and conducting the country's monetary policy. It is usually officially authorized by, and works closely with, the other government policy makers to achieve full employment, low inflation rates, and economic growth. The Federal Reserve System is the central bank of the United States.

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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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The first "Black Friday" on record, a friday marked by a major financial catastrophe, occurred on September 24, 1869 -- A FRIDAY -- when an attempted cornering of the gold market induced a financial crises and economy-wide depression.
"When you play, play hard; when you work, don't play at all. "

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