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AGGREGATE EXPENDITURES: The total expenditures on gross domestic product undertaken in a given time period by the four sectors -- household, business, government, and foreign. Expenditures made by each of these sectors are specifically labeled consumption expenditures, investment expenditures, government purchases, and net exports. Aggregate expenditures (AE) are a cornerstone in the study of macroeconomics, playing critical roles in Keynesian economics, aggregate market analysis, and to a lesser degree, monetarism.
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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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MARGINAL FACTOR COST CURVE A curve that graphically represents the relation between marginal factor cost incurred by a firm for hiring an input and the quantity of input employed. A profit-maximizing firm hires the quantity of input found at the intersection of the marginal factor cost curve and marginal revenue product curve. The marginal factor cost curve for a firm with no market control is horizontal. The marginal factor cost curve for a firm with market control is positively sloped and lies above the average factor cost curve.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time lost in your local discount super center trying to buy either one of those "hang in there" kitty cat posters or a velvet painting of Elvis Presley. Be on the lookout for attractive cable television service repair people.
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Junk bonds are so called because they have a better than 50% chance of default, carrying a Standard & Poor's rating of CC or lower.
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"If you don't have time to do it right, when will you have time to do it over?" -- John Wooden, Basketball coach
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APP
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