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AGGREGATE EXPENDITURES: The total expenditures on gross domestic product undertaken in a given time period by the four sectors -- household, business, government, and foreign. Expenditures made by each of these sectors are specifically labeled consumption expenditures, investment expenditures, government purchases, and net exports. Aggregate expenditures (AE) are a cornerstone in the study of macroeconomics, playing critical roles in Keynesian economics, aggregate market analysis, and to a lesser degree, monetarism.
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Lesson 3: Scarcity | Unit 1: The Concept
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Page: 2 of 17
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We live in a big, bad world of scarcity. Meaning: - There's never enough resources to produce everything that everyone wants,
- Some people have to do without some of the stuff that they want or need,
- The same resources can not be used to produce two different goods at the same time, and
- Doing one thing, producing one good, performing one activity, forces you to give up something else.
Then: - Scarcity is what the study of economics is all about.
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SHORT-RUN AGGREGATE SUPPLY AND MARKET SUPPLY The short-run aggregate supply curve, or SRAS curve, has similarities to, but differences from, the standard market supply curve. Both are positively sloped. Both relate price and quantity. However, the market supply curve is positively sloped due to the law of diminishing marginal returns and the short-run aggregate supply curve is positively-sloped due to inflexible prices, the pool of natural unemployment, and imbalances in real resource prices.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time calling an endless list of 800 numbers seeking to buy either a genuine down-filled comforter or a 200-foot blue garden hose. Be on the lookout for pencil sharpeners with an attitude.
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The Dow Jones family of stock market price indexes began with a simple average of 11 stock prices in 1884.
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"The past cannot be changed. The future is yet in your power. " -- Hugh White, U.S. Senator
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IPUMS
Integrated Public Use Microdata Series
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