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URBANIZATION ECONOMIES: A reduction in production cost the results when diverse activities are located in a concentrated urban area. Urbanization economies applied to all types of activities that benefit from assorted urban "amenities" such as public utilities, government services, information services that are inclined to experience decreasing average cost with large scale production. If, for example, a city has sufficient demand for a more efficiency, larger scale electrical generation plant, then everyone can benefit from lower electricity rates.
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Lesson 9: Macro Basics | Unit 2: Macro Problems
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Page: 6 of 16
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Inflation is a stability problem that typically results because the four macro sectors of the economy demand more goods that the economy can produce. Inflation problems: - Future prices become increasingly uncertain.
- Financial assets like money, bank accounts, stocks and bonds decrease in value with higher prices.
- Income and wealth are haphazardly redistributed because prices change at different rates.
- Hyperinflation can reduce production because money becomes almost worthless and people revert to barter exchanges.
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AGGREGATE SUPPLY DECREASE, LONG-RUN AGGREGATE MARKET A shock to the long-run aggregate market caused by a decrease in aggregate supply, resulting in and illustrated by a leftward shift of the long-run aggregate supply curve. A decrease in aggregate supply in the long-run aggregate market results in an increase in the price level and a decrease in real production. The level of real production resulting from the shock is a smaller level of full-employment real production.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time at a going out of business sale looking to buy either a wall poster commemorating the 2000 Presidential election or a rechargeable flashlight. Be on the lookout for fairy dust that tastes like salt.
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This isn't me! What am I?
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The first paper currency used in North America was pasteboard playing cards "temporarily" authorized as money by the colonial governor of French Canada, awaiting "real money" from France.
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"Far and away the best prize that life has to offer is the chance to work hard at work worth doing." -- Theodore Roosevelt, 26th US president
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WTO
World Trade Organization
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