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AGGREGATE MARKET: An economic model relating the price level and real production that is used to analyze business cycles, gross domestic product, unemployment, inflation, stabilization policies, and related macroeconomic phenomena. The aggregate market, inspired by the standard market model, captures the interaction between aggregate demand (the buyers) and short-run and long-run aggregate supply (the sellers).
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Lesson 8: Market Shocks | Unit 2: Determinants
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Page: 4 of 20
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Shifts in the demand curve are originated by changes in the demand determinants and shifts in the supply curve by changes in the supply determinants. Determinant changes cause shifts: - Increase in demand is a rightward shift.
- Decrease in demand is a leftward shift.
- Increase in supply is a rightward shift.
- decrease in supply is a leftward shift.
Note that:- An increase in demand and an increase in supply both are rightward shifts.
- A decrease in demand and a decrease in supply both are leftward shifts.
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AVERAGE VARIABLE COST CURVE A curve that graphically represents the relation between average variable cost incurred by a firm in the short-run product of a good or service and the quantity produced. This curve is constructed to capture the relation between average variable cost and the level of output, holding other variables, like technology and resource prices, constant. The average variable cost curve is one of three average curves. The other two are average total cost curve and average fixed cost curve. A related curve is the marginal cost curve.
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BLUE PLACIDOLA
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Today, you are likely to spend a great deal of time at a flea market hoping to buy either a birthday greeting card for your grandmother or a coffee cup commemorating yesterday. Be on the lookout for vindictive digital clocks with revenge on their minds.
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A U.S. dime has 118 groves around its edge, one fewer than a U.S. quarter.
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"Experience keeps a dear school, but fools will learn in no other. " -- Benjamin Franklin
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LISH
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