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EQUILIBRIUM: The state that exists when opposing forces exactly offset each other and there is no inherent tendency for change. Once achieved, an equilibrium persists unless or until it is disrupted by an outside force.
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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 strolling through a department store seeking to buy either a tall storage cabinet with five shelves and a secure lock or a birthday greeting card for your grandmother. Be on the lookout for deranged pelicans.
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Francis Bacon (1561-1626), a champion of the scientific method, died when he caught a severe cold while attempting to preserve a chicken by filling it with snow.
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"Nobody can be successful unless he loves his work. " -- David Sarnoff, TV pioneer
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AFC
Average Fixed Cost
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