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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 12: Elasticity and Demand | Unit 5: Other Measures Page: 22 of 25

Topic: Price Elasticity Of Supply <=PAGE BACK | PAGE NEXT=>

  • A definition:

  • Price elasticity of supply is the relative response of quantity supplied to changes in supply price.
  • The price elasticity of supply is the percentage change in quantity supplied resulting from a percentage change in supply price.

  • And like demand elasticity can be separated into the five alternatives, so too can supply.

  • These five alternatives -- perfectly elastic, relatively elastic, unit elastic, relatively inelastic, and perfectly inelastic are presented in this table.

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BANK RUN

A situation in which a relatively large number of a bank's customers attempt to withdraw their deposits in a relatively short period of time, usually within a day or two. While common throughout the 1800s and early 1900s, government deposit insurance has largely eliminated banks runs in the modern economy. Historically a bank run was prompted by fears that the bank was on the verge of collapse, causing deposits to become worthless. Ironically a bank run often caused the bank to fail. Bank runs were often infectious, leading to economy-wide bank panics and business-cycle contractions.

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Today, you are likely to spend a great deal of time going from convenience store to convenience store trying to buy either a wall poster commemorating next Thursday or a pair of gray heavy duty boot socks. Be on the lookout for jovial bank tellers.
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In his older years, Andrew Carnegie seldom carried money because he was offended by its sight and touch.
"Believe and act as if it were impossible to fail."

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