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EXCHANGE RATES, AGGREGATE EXPENDITURES DETERMINANT: One of several specific aggregate expenditures determinants assumed constant when the aggregate expenditures line is constructed, and that shifts the aggregate expenditures line when it changes. An increase in the exchanges rates causes an increase (upward shift) of the aggregate expenditures line. A decrease in the exchanges rates causes a decrease (downward shift) of the aggregate expenditures line. Other notable aggregate expenditures determinants include consumer confidence, federal deficit, inflationary expectations, and interest rates.

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Lesson 23: Factor Market Equilibrium | Unit 1: Intro Page: 5 of 24

Topic: Circular Flow <=PAGE BACK | PAGE NEXT=>

  • Factor markets are only part of the economic picture.

  • This diagram depicts the basic circular flow of the economy.

  • The circular flow is the continuous production and consumption interaction among the household and business sectors that takes place through the product and resource markets.
  • Examining the circular flow more closely.

  • Two Sectors:
    • Household
    • Business

  • The household and business sectors interact through Two Markets:

    • Product Markets
    • Resource Markets


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TOTAL VARIABLE COST AND MARGINAL COST

A mathematical connection between marginal cost and total variable cost stating that marginal cost IS the slope of the total variable cost curve. This relation between total variable cost and marginal cost is also seen with total cost. The slope of the total cost curve is marginal cost, as well. The relation between total variable cost and marginal cost is but another in the long line of applications of the total-marginal relation.

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BEIGE MUNDORTLE
[What's This?]

Today, you are likely to spend a great deal of time at a going out of business sale wanting to buy either an extra large beach blanket or a large flower pot shaped like a Greek urn. Be on the lookout for letters from the Internal Revenue Service.
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This isn't me! What am I?

Parker Brothers, the folks who produce the Monopoly board game, prints more Monopoly money each year than real currency printed by the U.S. government.
"Always dream and shoot higher than you know how to. Don't bother just to be better than your contemporaries or predecessors. Try to be better than yourself."

-- William Faulkner, writer

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