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PHYSICAL WEALTH, AGGREGATE DEMAND DETERMINANT: One of several specific aggregate demand determinants assumed constant when the aggregate demand curve is constructed, and that shifts the aggregate demand curve when it changes. An increase in the physical wealth causes a decrease (leftward shift) of the aggregate curve. A decrease in the physical wealth causes an increase (rightward shift) of the aggregate curve. Other notable aggregate demand determinants include interest rates, federal deficit, inflationary expectations, and the money supply.

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Lesson 23: Factor Market Equilibrium | Unit 1: Intro Page: 3 of 24

Topic: Equilibrium <=PAGE BACK | PAGE NEXT=>

  • Let's review the notion of equilibrium.

  • Equilibrium is the state that exists due to a balance between opposing forces, which remains unchanged until another force intervenes.
  • Once achieved, equilibrium persists unless or until it is disrupted by an outside force.

  • Equilibrium in the factor market works much the same, with the two opposing forces being:

    • Factor Demand
    • Factor Supply

  • When these two opposing forces of factor demand and factor supply are in balance, we have factor market equilibrium.

  • Should the factor market be out of equilibrium, then like any other market, it can experience a surplus or a shortage.

  • A factor market surplus, especially in labor markets, is more commonly termed unemployment.


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ECONOMIC GOALS

Five conditions of the mixed economy, including full employment, stability, economic growth, efficiency, and equity, that are generally desired by society and pursued by governments through economic policies. The five goals are typically divided into the three that are most important for macroeconomics (the macroeconomic goals of full employment, stability and economic growth) and the two that are most important for microeconomics (the microeconomic goals of efficiency and equity).

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