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POTENTIAL GROSS DOMESTIC PRODUCT: The total output that the economy could produce if resources were at full employment. If the economy is at full employment (a 5 percent unemployment rate) then actual gross domestic product is equal to potential gross domestic product. Of course, if the unemployment rate is greater than 5 percent, then actual production is less potential production. By calculating potential gross domestic product, we can figure out exactly how far below this potential we are. This information then can be used by the pointy-headed government economists to recommend appropriate monetary or fiscal policies.

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Lesson 5: Market Demand | Unit 4: Determinants Page: 15 of 20

Topic: Shifters: Decrease <=PAGE BACK | PAGE NEXT=>

Demand determinants shift the demand curve.
  • The demand curve is drawn assuming that only price and quantity change. The determinants are assumed to be constant.
  • A change in one of the determinants can cause:
  • A decrease in demand, a leftward shift, which means that for any price, for every price, buyers are willing and able to buy less of the good.

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ORDINAL UTILITY

The notion that utility--the satisfaction of wants and needs achieved through the consumption of goods and services--is measured by a ranking of preferences (first, second, third, etc.) that are only comparable on a relative basis. Ordinal utility does not presume that satisfaction is a measurable characteristic of a person, like height or weight, that can be compared against an established benchmark. The contrasting notion is cardinal utility, which is based on a numerical standard.

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Today, you are likely to spend a great deal of time looking for a downtown retail store hoping to buy either a birthday gift for your uncle or a pair of red and purple designer socks. Be on the lookout for telephone calls from former employers.
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The 22.6% decline in stock prices on October 19, 1987 was larger than the infamous 12.8% decline on October 29, 1929.
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Constant Elasticity of Substitution
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