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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 10: Utility and Demand | Unit 3: Complex Choices Page: 11 of 21

Topic: Income And Prices <=PAGE BACK | PAGE NEXT=>

  • A more important constraint for most goods is that imposed by income and prices.

  • Let's consider a few options.

    • All Income for the Amusement Park
    • All Income for the Beach
    • An Extra Hour at the Amusement Park

  • If I have $20 of income, the beach price is $2 per hour and the amusement park price is $4 per hour, then I will spend 4 hours at the beach and 3 hours at the amusement park.

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SLOPE, INVESTMENT LINE

The positive slope of the investment line is also termed the marginal propensity to invest (MPI). This slope is greater than zero but less than one, reflecting induced investment. The slope of the investment line affects the slope of the aggregate expenditures line and thus also affects the magnitude of the multiplier process.

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Today, you are likely to spend a great deal of time browsing through a long list of dot com websites wanting to buy either semi-gloss photo paper that works with your neighbor's printer or a birthday gift for your father that doesn't look like every other birthday gift for your father. Be on the lookout for the happiest person in the room.
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The New York Stock Exchange was established by a group of investors in New York City in 1817 under a buttonwood tree at the end of a little road named Wall Street.
"The best way to cheer yourself up is to try to cheer somebody else up."

-- Mark Twain

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