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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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TOTAL VARIABLE COST CURVE A curve that graphically represents the relation between total variable cost incurred by a firm in the short-run production of a good or service and the quantity produced. When constructing this curve, it is assumed that total variable cost changes as a result of changes in the quantity of output produced, while other variables like technology and resource prices are held fixed. The total variable cost curve is one of three total cost curves, the other two are total cost curve and total fixed cost curve.
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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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"Be kind and merciful. Let no one ever come to you without coming away better and happier." -- Mother Teresa of Calcutta, humanitarian
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ECLA
Economic Commission for Latin America
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