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INFLEXIBLE WAGES: The proposition that some wages adjust slowly in response to labor market shortages or surpluses. This condition is most important for macroeconomic activity in the short run and short-run aggregate market analysis. In particular, inflexible (also termed rigid or sticky) wages are a key reason underlying the positive slope of the short-run aggregate supply curve.
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Lesson 10: Utility and Demand | Unit 4: On To Demand
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Page: 17 of 21
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In this unit, you should have learned about:- How the demand for a good can be analyzed by comparing the marginal utility-price ratio for one good with the marginal utility-price for other goods.
- Why price changes that force a readjustment of the rule of consumer equilibrium.
- Higher prices force the marginal utility to increase, which is accomplished with a decrease in quantity.
- Lower prices force the marginal utility to decrease, which is accomplished with an increase in quantity.
- How the law of demand can be explained by the law of diminishing marginal utility.
- How the marginal utility curve can be converted to a demand curve.
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MACROECONOMIC SECTORS The four aggregate sectors of the macroeconomy--household, business, government, and foreign--that reflect four key macroeconomic functions and are responsible for four expenditures on gross domestic product. These four sectors are the primary "actors" on the macroeconomic stage. Macroeconomic theories then explain macroeconomic phenomena by exploring the interaction among these four sectors.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time at the confiscated property police auction looking to buy either shoe laces for your snow boots or a rim for your spare tire. Be on the lookout for celebrities who speak directly to you through your television.
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Okun's Law posits that the unemployment rate increases by 1% for every 2% gap between real GDP and full-employment real GDP.
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"He, who every morning plans the transactions of the day, and follows that plan, carries a thread that will guide him through a labyrinth of the most busy life." -- Victor Hugo, Writer
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AER
American Economic Review
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