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AGGREGATE MARKET SHOCKS: Disruptions of the equilibrium in the aggregate market (or AS-AD model) caused by shifts of the aggregate demand, short-run aggregate supply, or long-run aggregate supply curves. Shocks of the aggregate market are associated with, and thus used to analyze, assorted macroeconomic phenomena such as business cycles, unemployment, inflation, stabilization policies, and economic growth. The specific analysis of aggregate market shocks identifies changes in the price level (GDP price deflator) and real production (real GDP). However, changes in the price level and real production have direct implications for the unemployment rate, the inflation rate, national income, and a host of other macroeconomic measures.
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CURRENT PRODUCTION The production of final goods and services that takes place during a given time period. The emphasis here is on time period, especially the CURRENT time period. The macroeconomy's prime measure of current production is gross domestic product. Current production is best contrasted with transactions for past production and future production, both of which are excluded from gross domestic product.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time strolling through a department store trying to buy either a microwave over that won't burn your popcorn or a T-shirt commemorating the first day of winter. Be on the lookout for small children selling products door-to-door.
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On a typical day, the United States Mint produces over $1 million worth of dimes.
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"The only profit center is the customer." -- Peter Drucker, educator
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JEH
Journal of Economic History
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