In the Section from the Analects (See Textbook: Sources from the Past

question 64

Essay

In the section from the Analects (see Textbook: Sources from the Past: Confucius on Good Government),Confucius points out that,"When a prince's personal conduct is correct,his government is effective without the issuing of orders.If his personal conduct is not correct,he may issue orders,but they will not be followed." How is this statement representative of Confucian thought? In what ways does it disagree with Legalist philosophy?

Understand how different factors affect the aggregate demand and aggregate supply model.

Analyze the impact of economic policies on the aggregate demand and supply curves.

Describe the reasons behind the slope of the aggregate demand curve.

Explain the reasons for the upward slope of the short-run aggregate supply curve.

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Definitions:

Black Market

An illegal trade of goods or services where transactions occur beyond governmental control or are not sanctioned by law.

Illegal

Activities or actions that are forbidden by law and subject to legal penalties.

Higher Value Use

Utilizing resources or assets in a way that yields the most benefit or profit.

Willing To Pay

The maximum amount a consumer is prepared to spend on a good or service, reflecting their perceived value or utility.