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RESOURCE PRICE, AGGREGATE SUPPLY DETERMINANT: One of three categories of aggregate supply determinants assumed constant when the aggregate supply curve is constructed, and which shifts the aggregate supply curve when it changes. An increase in a resource price causes a decrease (leftward shift) of the short-run aggregate supply curve. A decrease in a resource price causes an increase (rightward shift) of the short-run aggregate supply curve. The other two categories of aggregate supply determinants are resource quantity and resource quality. Specific determinants falling into this general category include wages and energy prices. Anything affecting the prices paid for the use of labor, capital, land, and entrepreneurship is also included.
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Lesson 7: Market Equilibrium | Unit 1: The Exchange
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Page: 5 of 22
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- The concept of markets as voluntary trades among buyers and sellers that is used to address the scarcity problem.
- Four key points about markets:
- They combine demand and supply.
- They trade goods, services, and resources.
- They are voluntary.
- They are analyzed over a give time period.
- Examples of different markets, ranging from a formal, organized stock market to a less formal, less organized rummage sale.
- The nature of market equilibrium as a balance of the forces of demand and supply.
- How market equilibrium is indicated by the equilibrium quantity and equilibrium price.
- The importance of competition to the efficient operation of markets and how the number of participants determines competition among buyers and sellers.
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NET EXPORTS The difference between exports--goods and services produced by the domestic economy and purchased by the foreign sector--and imports--goods and services produced by the foreign sector and purchased by the domestic economy. These are one of four aggregate expenditures on gross domestic product. The other three are consumption expenditures, investment expenditures, and government purchases.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway wanting to buy either a graduation present for your niece or nephew or a toaster oven that has convection cooking. Be on the lookout for attractive cable television service repair people.
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It's estimated that the U.S. economy has about $20 million of counterfeit currency in circulation, less than 0.001 perecent of the total legal currency.
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"When you play, play hard; when you work, don't play at all. " -- Theodore Roosevelt, 26th US president
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BIF
Bank Insurance Fund
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