Aggregate demand and aggregate supply Essay Example | Topics and Well Written Essays - 750 words

Aggregate demand and aggregate supply - Essay Example Boyes, Melvin & Boyes (2008) stated that the value of real GDP is determined at the point where aggregate demand and aggregate supply curves intersect each others. From the above example of aggregate demand and supply curves of Evergreen Land, both aggregate demand and aggregate supply curves intersect at the price level of 100, and this equilibrium point determines the value of real GDP. Since equilibrium is the point where the value of real GDP is determined, a shift in either the aggregate demand or aggregate supply curves leads to a change in the real GDP values. Answer: Aggregate supply curve shows the level of real domestic outputs that firms produce at various price levels. Aggregate supply curve is short run is upward sloping, but is downward sloping in the long run. Long run aggregate curve, as depicted above, will be a vertical line at the full employment output because the wages and other input prices in the long-run increase and decrease to match changes in the price levels. Answer: A decrease in the price level is very likely to cause an increase in aggregate demands in the short run. According to Keynesian multiplier effect, this should in turn impact the aggregate demand to cause a further increase. An increase in the aggregate demand for goods or services due to various factors such as government policy or wealth factors or international factors can as a result shift the aggregate demand curve horizontally to the right (Kennedy, 2000). When there is an increase in the aggregate demand, it causes the price level and real GDP to move in the same direction because of increased spending or higher investments of governments. It also means that more and more quantities of national output will be demanded at any given price levels. The increase in aggregate demand thus shifts the aggregate demand curve to the right side. The short-run equilibrium level of real output and the price levels are determined by the point where both

Definition of family Essay Example | Topics and Well Written Essays - 1250 words

Definition of family - Essay Example It is sad that many have taken these aspects for granted and neglected their family members or lose family attachment. This paper aims at explaining the concept of family while shedding light on my experience. Nuclear Family The above photo depicts clearly what a family unit is comprised of the father, mother and their children. Essentially there are two types of families; nuclear and extended families where the former is comprised of just the parents and their children while the latter is comprised of the former together with grandparents, aunties, uncles, cousins, sister-in-laws and brother-in-laws (Corbett 2004). An extended family is clearly depicted by the following two pictures where grandparents and their children take a photo shoot together. Extended Family (Grandparents, their children and grandchildren) Extended Family (Grandparents, their children, their children’s spouses and grandchildren) It is the duty of family members to offer assistance to those who depend on them. There should be mutual respect for all members such that one cannot intentionally do anything that can hurt another family member. People in doing this should also appreciate that there are many people in the world today who do not have anyone to count on in good and bad times. I have had numerous occasions where I needed a shoulder to cry on and as much as I have friends by my side, family consolation works best. In other occasions like my graduation and birthdays, I always feel whole when my family members are there to celebrate with me. There is this connection that goes beyond love that I have with my brothers and sisters, parents and grandparents and other people of the extended family. I am personally always ready to protect this bond no matter what the circumstances as difficult times also dawn on us that threaten to weaken it. Communication from my experience is quite crucial in maintaining strong family ties. Families for centuries have engaged in reunions and my fam ily is not an exception. In these reunions that happen once a year in my grandparents’ home or one of our uncles’, we tend to strengthen the bond we have. We usually engage in many fun activities like games and all that for the sake of all to interact and share previous year’s experiences. This form of interaction has also ensured that people keep in touch throughout the year and those who are able to visit one another, they can do so. I am mostly fascinated by the sharing of personal experiences for the past year i.e. since the last reunion. This is done in the evening under the moonlight in the backyard with everyone present while uncles prepare barbecues. At this time we mostly share funny moments where we laugh almost all night long. This happens on Saturday night and the following morning all depart to wait for another fascinating time together as one big happy family. There are certain fundamentals that are followed in all the family units within the exten ded family so as to ensure harmony of the bigger family. One is the appreciation by all children that their parents are the core in their families (Corbett 2004). They should be accorded maximum respect and admiration by all the children regardless of their status, financial or otherwise. They are the people who the children