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AGGREGATE MARKET EQUILIBRIUM: The state of equilibrium that exists in the aggregate market when real aggregate expenditures are equal to real production with no imbalances to induce changes in the price level or real production. In other words, the opposing forces of aggregate demand (the buyers) and aggregate supply (the sellers) exactly offset each other. The four macroeconomic sector (household, business, government, and foreign) buyers purchase all of the real production that they seek at the existing price level and business-sector producers sell all of the real production that they have at the existing price level. The aggregate market equilibrium actually comes in two forms: (1) long-run equilibrium, in which all three aggregated markets (product, financial, and resource) are in equilibrium and (2) short-run equilibrium, in which the product and financial markets are in equilibrium, but the resource markets are not.
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DEMAND SHOCK A disruption of market equilibrium caused by a change in a demand determinant and a shift of the demand curve. A demand shock can take one of two forms--a demand increase or a demand decrease. This is one of two disruptions of the market. The other is a supply shock.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time driving to a factory outlet hoping to buy either semi-gloss photo paper that works with your neighbor's printer or a birthday gift for your father that doesn't look like every other birthday gift for your father. Be on the lookout for pencil sharpeners with an attitude.
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This isn't me! What am I?
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In the late 1800s and early 1900s, almost 2 million children were employed as factory workers.
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"Success without honor is an unseasoned dish; it will satisfy your hunger, but it won't taste good. " -- Joe Paterno, Football coach
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AOQ
Average Outgoing Quality
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