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AGGREGATE OUTPUT: The macroeconomy's total production of final goods and services. You might recognized it by it's official term gross domestic product. Another related term is aggregate supply. This is the total production in the economy that is purchased by the four basic economic sectors -- household, business, government, and foreign. See also aggregate market, aggregate demand, aggregate expenditures.
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Lesson 8: Market Shocks | Unit 2: Determinants
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Page: 7 of 20
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- How shifts in the demand and supply curves are caused by changes in their respective determinants.
- That a decrease in demand and a decrease in supply both are leftward shifts and that an increase in demand and an increase in supply are both rightward shifts.
- The effects of the five basic demand determinants: Income, tastes, prices of other goods, buyer's expectations and number of buyers.
- The effects of the five basic supply determinants: resource prices, technology, prices of other goods, seller's expectations and number of sellers.
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CENTRAL PLANNING A system of extensive central government control of an economy, including organizing production and making allocation decisions. This was the popular method of allocating resources and answering the three basic questions of allocation under communism and socialism economic systems of the Soviet Union, China, and others during the 1950s, 1960s, and 1970s.
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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time at a going out of business sale seeking to buy either a set of steel-belted radial snow tires or a wall poster commemorating the 2000 Presidential election. Be on the lookout for infected paper cuts.
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This isn't me! What am I?
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Natural gas has no odor. The smell is added artificially so that leaks can be detected.
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"Recipe for success. Study while others are sleeping; work while others are loafing, prepare while others are playing, and dream while others are wishing." -- William A. Ward
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FAO
Food and Agricultural Organization
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