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BANK: A financial organization that accepts deposits, makes loans, and directly controls a significant portion of the nation's money supply. In the olden days of the economy (before 1980), a bank was easy to identify because it had the word "bank" in it's name -- such as "First National Bank", "Second National Bank", etc. However, after several laws were passed in the early 1980s to reform and deregulate the banking industry, the term bank has come to functionally include other financial institutions that previously went by the titles of "Savings and Loan," "Credit Union," and "Mutual Savings Banks." These institutions are operationally considered banks because they all perform "banking" functions -- especially accepting checking account deposits and making loans.

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Lesson 7: Market | Unit 1: The Exchange Page: 2 of 22

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

Equilibrium is the balance of opposing forces that remains unchanged until another force intervenes.

For example:

If two people are pushing in opposite ways on a swinging door with equal strength, then neither will be able to go through. Each pusher represents an opposing force.

For a market, the opposing forces are:

  • Demand. Buyers want to pay a lower price.
  • Supply. Sellers want to receive a higher price.
Market equilibrium is indicated by equilibrium quantity and equilibrium price.
  • Equilibrium quantity is the quantity of a good traded among buyers and sellers when a market is in equilibrium.
  • Equilibrium price is the price agreed to by buyers and sellers when a market is in equilibrium.
  • Buyers and sellers will continue to trade the equilibrium quantity at the equilibrium price indefinitely.
  • But, the equilibrium quantity and price can be disrupted by ceteris paribus determinants of demand and supply. Analyzing these disruptions help us understand economic events.

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AGGREGATE DEMAND DETERMINANTS

An assortment of ceteris paribus factors other than the price level that affect aggregate demand, but which are assumed constant when the aggregate demand curve is constructed. Changes in any of the aggregate demand determinants cause the aggregate demand curve to shift. The specific ceteris paribus factors are commonly grouped by the four, broad expenditure categories--consumption expenditures, investment expenditures, government purchases, and net exports.

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Today, you are likely to spend a great deal of time calling an endless list of 800 numbers looking to buy either a large, stuffed kitty cat or a cross-cut paper shredder. Be on the lookout for crowded shopping malls.
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Approximately three-fourths of the U.S. paper currency in circular contains traces of cocaine.
"When you play, play hard; when you work, don't play at all. "

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