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April 26, 2018 

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LONG RUN, MACROECONOMICS: In terms of the macroeconomic analysis of the aggregate market, a period of time in which all prices, especially wages, are flexible, and have achieved their equilibrium levels. This is one of two macroeconomic time designations; the other is the short run. Long-run wage and price flexibility means that ALL markets, including resources markets and most notably labor markets, are in equilibrium, with neither surpluses nor shortages. Wage and price flexibility and the resulting resource market equilibria are the reason for the vertical long-run aggregate supply curve.

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Lesson Contents
Unit 1: Selling Basics
  • The Concept
  • Supply Price
  • Quantity Supplied
  • Unit 1 Summary
  • Unit 2: Law of Supply
  • Definition
  • Production Cost
  • Unit 2 Summary
  • Unit 3: Supply Curve
  • Schedule
  • Curve
  • Space
  • Unit 3 Summary
  • Unit 4: Determinants
  • Ceteris Paribus Factors
  • Shifters: Increase
  • Shifters: Decrease
  • Types
  • Ch..Ch..Changes
  • Unit 4 Summary
  • Unit 5: Scarcity
  • Limited Resources
  • Unit 5 Summary
  • Unit 6:
  • Unit 6 Summary
  • Course Home
    Supply

    This supply lesson provides an introduction into selling a wide range of goods. In fact, this supply topic does more than offer insight into selling behavior. It's also the second half of the market analysis -- the first half being demand. And to reiterate what I noted during the demand lesson, market analysis is one of the most widely used tools in the study of economics that can be used to explain a lot of economic phenomenon. Of course to use markets, we need both demand and supply. And supply part is our current lesson.

    • The first unit of this lesson introduces the basic concept of supply and a few related terms such as supply price and quantity supplied.
    • In the second unit then we move into a discussion of the law of supply, which captures the basic relation between supply price and quantity supplied.
    • The third unit then develops the supply curve, which is the graphical embodiment of the supply concept.
    • Moving onto the fourth unit, we examine how the five basic supply determinants cause the supply curve to shift from one location to another.
    • And in the fifth and final unit, we make a connection between supply and the limited resources part of scarcity.

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    MONEY FUNCTIONS

    Any item used as money in an economy automatically takes on four basic functions: (1) medium of exchange, (2) unit of account, (3) store of value, and (4) standard of deferred payment. While "buying and selling" means that money is THE medium of exchange, and by far THE most important function of money, money also performs unit of account, store of value, and standard of deferred payment functions.

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    Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors wanting to buy either pink cotton balls or a genuine down-filled comforter. Be on the lookout for the last item on a shelf.
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    The first paper notes printed in the United States were in denominations of 1 cent, 5 cents, 25 cents, and 50 cents.
    "Sometimes when you innovate, you make mistakes. It is best to admit them quickly and get on with improving your other innovations. "

    -- Steve Jobs, Apple Computer founder

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