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ENTREPRENEURSHIP: One of the four basic categories of resources, or factors of production (the other three are labor, capital, and land). Entrepreneurship is a special sort of human effort that takes on the risk of bringing labor, capital, and land together and organizing production.
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Lesson 8: Market Shocks | Unit 4: Double Shifts
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Page: 13 of 20
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Topic:
More Demand and More Supply
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Market equilibrium is disrupted if both the demand (higher income) and supply (technological breakthrough) curves shift.- An increase in demand creates a shortage. Price and quantity tend to increase.
- An increase supply creates a surplus. Price declines and quantity increases.
- The combined effect is an obvious increase in quantity but a questionable change in price.
- At the new equilibrium the price is indeterminant.
- If demand shifts relatively more than supply, price is higher.
- If demand shifts relatively less than supply, price is lower.
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AGGREGATE DEMAND INCREASE, SHORT-RUN AGGREGATE MARKET A shock to the short-run aggregate market caused by an increase in aggregate demand, resulting in and illustrated by a rightward shift of the aggregate demand curve. An increase in aggregate demand in the short-run aggregate market results in an increase in the price level and an increase in real production. The level of real production resulting from the shock can be greater or less than full-employment real production.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors seeking to buy either a birthday gift for your grandfather or a pleather CD case. Be on the lookout for poorly written technical manuals.
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Potato chips were invented in 1853 by a irritated chef repeatedly seeking to appease the hard to please Cornelius Vanderbilt who demanded french fried potatoes that were thinner and crisper than normal.
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"The past is a foreign country; they do things differently there." -- Leslie Poles Hartley, Writer
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QML
Quasi-Maximum Likelihood
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