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DEMAND CURVE: A graphical representation of the relationship between the demand price and quantity demanded (that is, the law of demand), holding all ceteris paribus demand determinants constant.
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Lesson 4: Production Possibilities | Unit 1: Getting Started
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Let's begin with a definition: Production possibilities is an analysis that shows how much of two goods that our economy can produce given existing resources and technology. Production possibilities analysis is used to... - Answer the 'What?' question of allocation: To answer the "What?", what goods we want to produce depends on what goods the economy is able to produce.
- Understand economic concepts: Some of the key terms we will analyze are opportunity cost, unemployment, full employment, investment, and growth.
- Introduce graphical analysis techniques: This will be our first hands-on work with graphical analysis, a required part of economic study. Graphs, lines, and curves are a handy way of abstracting key relationships and principles from the real world.
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AGGREGATE DEMAND The total real expenditures on final goods and services produced in the domestic economy that buyers are willing and able to undertake at different price levels, during a given time period (usually a year). Aggregate demand, usually abbreviated AD, is an inverse relation between price level and aggregate expenditures. This is one half of the AS-AD (aggregate market) analysis. The other half is aggregate supply. Aggregate demand consists of four aggregate expenditures--consumption expenditures, investment expenditures, government purchases, and net exports--made by the four macroeconomic sectors--household, business, government, and foreign.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time surfing the Internet trying to buy either a computer that can play video games and burn DVDs or a black duffle bag with velcro closures. Be on the lookout for rusty deck screws.
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This isn't me! What am I?
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Parker Brothers, the folks who produce the Monopoly board game, prints more Monopoly money each year than real currency printed by the U.S. government.
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"Sometimes when you innovate, you make mistakes. It is best to admit them quickly and get on with improving your other innovations. " -- Steve Jobs, Apple Computer founder
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IBEX-35
Stock Index (Spain)
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