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DETERMINANTS: Ceteris paribus factors that are held constant when a curve is constructed. Changes in these factors then cause the curve to shift to a new location. The most common determinants are demand determinants for the demand curve (income, preferences, other prices, buyers' expectations, and number of buyers) and supply determinants for the supply curve (resource prices, technology, other prices, buyers' expectations, and number of buyers). Other common curves and their determinants include: production possibilities curve (technology, education and the quantities of labor, capital, land, and entrepreneurship); aggregate demand curve (the four aggregate expenditures of consumption, investment, government purchases, and net exports); and short-run average cost curve (technology, wages, and other production cost).
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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). 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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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time touring the new suburban shopping complex hoping to buy either a birthday gift for your uncle or a pair of red and purple designer socks. Be on the lookout for strangers with large satchels of used undergarments.
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This isn't me! What am I?
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A U.S. dime has 118 groves around its edge, one fewer than a U.S. quarter.
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"We should never allow ourselves to be bullied by an either-or. There is often the possibility of something better than either of those two alternatives. " -- Mary Parker Follett, management coach
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IRR
Internal Rate of Return
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