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AGGREGATE SUPPLY: The total (or aggregate) real production of final goods and services available in the domestic economy at a range of price levels, during a given time period. Aggregate supply (AS) is one half of the aggregate market analysis; the other half is aggregate demand. Aggregate supply, relates the economy's price level, measured by the GDP price deflator, and aggregate domestic production, measured by real gross domestic product. The aggregate supply relation is generally separated into long-run aggregate supply, in which all prices and wages and flexible and all markets are in equilibrium, and short-run aggregate supply, in which some prices and wage are NOT flexible and some markets are NOT in equilibrium.

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Lesson 2: Economic Science | Unit 1: The Method Page: 2 of 20

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The scientific method has four important parts:
  • Theory: A theory is a scientifically accepted, interrelated body of general principles used to explain and understand some aspect of the world.
  • Principles: A principle is a generally accepted, verified, fundamental laws of nature. Principles establish cause and effect relations about the real world.
  • Hypotheses: An hypothesis is a reasonable proposition about the workings of the world that is inspired or implied by a theory and which may or may not be true.
  • Data: These are observations about what is actually happening in the real world. Data are used to validate or verify hypotheses and are essential to the scientific method.

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KEYNESIAN MODEL

A macroeconomic model based on the principles of Keynesian economics that is used to identify the equilibrium level of, and analyze disruptions to, aggregate production and income. This model identifies equilibrium aggregate production and income as the intersection of the aggregate expenditures line and the 45-degree line. The Keynesian model comes in three basic variations designated by the number of macroeconomic sectors included--two-sector, three-sector, and four sector. The Keynesian model is also commonly presented in the form of injections and leakages in addition to the standard aggregate expenditures format. This model is used to analyze several important topics and issues, including multipliers, business cycles, fiscal policy, and monetary policy.

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Today, you are likely to spend a great deal of time flipping through mail order catalogs looking to buy either a remote controlled train set or a genuine down-filled snow parka. Be on the lookout for gnomes hiding in cypress trees.
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There were no banks in colonial America before the U.S. Revolutionary War. Anyone seeking a loan did so from another individual.
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