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AGGREGATE EXPENDITURE EQUATION: An equation indicating that aggregate expenditures (AE) are the sum of consumption expenditures (C), investment expenditures (I), government purchases (G), and net exports (X-M), stated as: AE = C + I + G + (X-M). This equation surfaces in the Keynesian economic income-expenditure model in the form of the aggregate expenditures line. However, it's also central throughout the study of macroeconomics, including aggregate demand and the measurement of gross domestic product.

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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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PART-TIME WORKERS

People who are willing and able to work full-time (over 35 hours per week), but are forced to work less because employers do not need their productive efforts. While part-time workers officially have jobs, and are officially included in the "employed" category when the official unemployment rate is calculated, their labor resources are really only partially unemployed. A person working 20 hours a week, who is willing and able to work 40 hours a week, really should be considered as "half employed."

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Today, you are likely to spend a great deal of time searching the newspaper want ads looking to buy either a three-hole paper punch or decorative picture frames. Be on the lookout for cardboard boxes.
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Lewis Carroll, the author of Alice in Wonderland, was the pseudonym of Charles Dodgson, an accomplished mathematician and economist.
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-- Frederick B. Wilcox

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