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LAW OF DIMINISHING MARGINAL RETURNS: A principle stating that as more and more of a variable input is combined with a fixed input in short-run production, the marginal product of the variable input eventually declines. This is THE economic principle underlying the analysis of short-run production for a firm. Among a host of other things, it offers an explanation for the upward-sloping market supply curve. How does the law of diminishing marginal returns help us understand supply? The law of supply and the upward-sloping supply curve indicate that a firm needs to receive higher prices to produce and sell larger quantities. Why do they need higher prices?

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Lesson 16: Aggregate Shocks | Unit 2: Extension Page: 6 of 21

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  • The different determinant induced shifts of the AD, LRAS, and SRAS curves.
  • A few of the more important determinants that shift the AD, LRAS, and SRAS curves.
  • How specific real-world issues, such as increases in physical wealth, changes in monetary policy, technological advances, and wage changes, create instability in the macroeconomy.
  • How the self-correction mechanism works through wage-changes and the labor market to restore the long-run equilibrium.

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IMPORTS

Goods and services produced by the foreign sector and purchased by the domestic economy. In other words, imports are goods bought from countries. Imports are the counter to exports--goods produced by the domestic economy and purchased by the foreign sector. Imports, together with exports, are the essence of foreign trade--goods and services that are traded among the citizens of different nations. Imports and exports are frequently combined into a single term, net exports (exports minus imports).

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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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Approximately three-fourths of the U.S. paper currency in circular contains traces of cocaine.
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