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ABSOLUTE POVERTY LEVEL: The amount of income a person or family needs to purchase an absolute amount of the basic necessities of life. These basic necessities are identified in terms of calories of food, BTUs of energy, square feet of living space, etc. The problem with the absolute poverty level is that there really are no absolutes when in comes to consuming goods. You can consume a given poverty level of calories eating relatively expensive steak, relatively inexpensive pasta, or garbage from a restaurant dumpster. The income needed to acquire each of these calorie "minimums" vary greatly. That's why some prefer a relative poverty level.

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Lesson Contents
Unit 1: The Concept
  • What It Is
  • Price Level
  • Unit 1 Summary
  • Unit 2: Two Options
  • Time Periods
  • Long Run
  • Short Run
  • Unit 2 Summary
  • Unit 3: The Curves
  • Long Run
  • Short Run
  • Market Supply
  • Unit 3 Summary
  • Unit 4: Determinants
  • Stability
  • Long-Run Supply
  • Quantity of Resources
  • Quality of Resources
  • Short-Run Supply
  • Unit 4 Summary
  • Unit 5: Connections
  • Self Correction
  • Policies
  • Unit 5 Summary
  • Course Home
    Aggregate Supply

    In much the same way that the market supply lesson parallels the market demand lesson, this lesson on aggregate supply parallels the aggregate demand lesson. Aggregate supply however, is somewhat more involved that market supply, in particular, because aggregate supply is separated into two relations -- on for the short run and one for the long run. This lesson examines the relation between the price level and real production and the determinants that cause a change in aggregate supply, with a close eye on the differences between aggregate supply in the short run and the long run.

    • This lesson begins with an introduction to the aggregate supply half of the aggregate market in the first unit.
    • The second unit then explores the different aggregate supply relations that exist between the price level and real production in the short run and the long run.
    • The third unit introduces the short run aggregate supply curve and the long run aggregate supply curve which capture these two alternative relations.
    • We think pick up the keep curve shifting determinants of aggregate supply in the fourth unit, especially the resource quantity, resource quality, and resource prices.
    • The fifth unit wraps up this lesson with a discussion of the self-correction mechanism that relies on changes in the aggregate supply and how this relates to business cycle stabilization.

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    REPURCHASE AGREEMENTS

    Short-term loans in which borrower sell assets to lenders with the agreement to purchase the assets at a later time a higher price. The assets most commonly sold are short-term U.S. Treasury securities and the higher price includes an interest payment on the loan. Repurchase agreements, also termed repos, are commonly used by the borrowers (that is, the sellers) to acquire short-term liquidity without foregoing the longer term investment returns from the assets. Repurchase agreements, along with other institutional investment near monies, are added to M2 to derive M3.

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    APLS

    GREEN LOGIGUIN
    [What's This?]

    Today, you are likely to spend a great deal of time calling an endless list of 800 numbers hoping to buy either a weathervane with a cow on top or a box of multi-colored, plastic paper clips. Be on the lookout for attractive cable television service repair people.
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    Three-forths of the gold mined each year is used to manufacture jewelry.
    "Most of the things worth doing in the world had been declared impossible before they were done."

    -- Louis D. Brandeis, Supreme Court Justice

    NIPA
    National Income and Product Accounts
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