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X: The standard abbreviation for exports produced by the foreign sector and purchased by the domestic economy, especially when used in the study of macroeconomics. This abbreviation is most often seen in the aggregate expenditure equation, AE = C + I + G + (X - M), where C, I, G, and (X - M) represent expenditures by the four macroeconomic sectors, household, business, government, and foreign. The United States, for example, sells a lot of the stuff produced within our boundaries to other countries, including wheat, beef, cars, furniture, and, well, almost every variety of product you care to name.

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ECONOMY: The system of production, distribution, and consumption of goods and services that a society uses to address the problem of scarcity. The essential task of an economy is to transform resources into useful goods and services (the act of production), then distribute or allocate these products to useful ends (the act of consumption). Virtually all economies accomplish this task through a combination of decisions made through voluntary market exchanges and involuntary government rules and regulations.

     See also | economic system | three questions of allocation | institution | household sector | business sector | government sector | limited resources | unlimited wants and needs | ownership and control | resources | capitalism | private sector | public sector | private property | mixed economy | market-oriented economy | communism | socialism | pure market economy | pure command economy | first estate | second estate | third estate | fourth estate |


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AGGREGATE SUPPLY INCREASE, SHORT-RUN AGGREGATE MARKET

A shock to the short-run aggregate market caused by an increase in aggregate supply, resulting in and illustrated by a rightward shift of the short-run aggregate supply curve. An increase in aggregate supply in the short-run aggregate market results in a decrease 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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Today, you are likely to spend a great deal of time driving to a factory outlet seeking to buy either a large, stuffed kitty cat or a cross-cut paper shredder. Be on the lookout for letters from the Internal Revenue Service.
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Post WWI induced hyperinflation in German in the early 1900s raised prices by 726 million times from 1918 to 1923.
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