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AGGREGATION: The process of adding up, summing, or otherwise identifying the total value of a variable or measure, especially when used in the study of macroeconomics. Common items that are aggregated are demand, supply, and expenditures on gross domestic product, which result in aggregate demand, aggregate supply, and aggregate expenditures.
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EQUILIBRIUM, AGGREGATE MARKET 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. The opposing forces of aggregate demand (the buyers) and aggregate supply (the sellers) exactly offset each other. At the existing price level, the four macroeconomic sectors (household, business, government, and foreign) purchase all of the real production that they seek and producers sell all of the real production that they have.
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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time going from convenience store to convenience store seeking to buy either a birthday greeting card for your uncle or a T-shirt commemorating the 2000 Presidential election. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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Before 1933, the U.S. dime was legal as payment only in transactions of $10 or less.
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"There are two big forces at work, external and internal. We have very little control over external forces such as tornadoes, earthquakes, floods, disasters, illness and pain." -- Leo Buscaglia, Author
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WPI
Wholesale Price Index
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