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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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KINKED-DEMAND CURVE A demand curve with two distinct segments which have different elasticities that join to form a corner or kink. The primary use of the kinked-demand curve is to explain price rigidity in oligopoly. The two segments are: (1) a relatively more elastic segment for price increases and (2) a relatively less elastic segment for price decreases. The relative elasticities of these two segments is based on the interdependent decision-making of oligopolistic firms.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time browsing about a thrift store hoping to buy either a genuine down-filled snow parka or throw pillows for your living room sofa. Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity.
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The average bank teller loses about $250 every year.
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"Don't judge each day by the harvest you reap but by the seeds that you plant. " -- Robert Louis Stephenson, writer
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TFP
otal Factor Productivity
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