Google
Tuesday 
January 23, 2018 

AmosWEB means Economics with a Touch of Whimsy!

AmosWEBWEB*pediaGLOSS*aramaECON*worldCLASS*portalQUIZ*tasticPED GuideXtra CrediteTutorA*PLS
AGGREGATE SUPPLY CURVE: A graphical representation of the relation between real production and the price level, holding all ceteris paribus aggregate supply determinants constant. There are actually two separate aggregate supply curves, one for the long run and one for the short run. These aggregate supply curves are one side of the graphical presentation of the aggregate market. The other side is occupied by the aggregate demand curve.

Visit the GLOSS*arama

Most Viewed (Number) Visit the WEB*pedia

Lesson Contents
Unit 1: The Concept
  • A Definition
  • So What?
  • Unit 1 Summary
  • Unit 2: Resources
  • Factors
  • Working Together
  • Free or Scarce?
  • Comparisons
  • Unit 2 Summary
  • Unit 3: Opportunity Cost
  • The Concept
  • Economic Cost
  • Unit 3 Summary
  • Unit 4: College Cost
  • Out of Pocket
  • What Else?
  • Unit 4 Summary
  • Unit 5: THE Problem
  • No Free Lunch
  • Solutions?
  • Unit 5 Summary
  • Course Home
    Scarcity

    In this lesson you'll see why scarcity tends to make economists grumpy. You'll see that scarcity is a perpetual condition that exists because people have unlimited wants and needs, but limited resources. You'll also see how this scarcity problem underlies the common notion of cost, which is integral to the study of economics. The five units contained in this lesson provide a tour through the economic problem of scarcity.

    • The first unit, A Big Problem, examines the fundamental concept of scarcity -- the combination of limited resources and unlimited wants and needs -- that is virtually synonymous with the study of economics.
    • The second unit, Resources, discusses the four basic categories of limited resources -- labor, capital, land, and entrepreneurship -- which produce the goods that are used to satisfy unlimited wants and needs.
    • In the third unit, Opportunity Cost, we take a look at the notion of opportunity cost and see how it is related to the scarcity problem.
    • We then turn out attention in the fourth unit, College Cost, to a simple example of the explicit and implicit costs of attending college.
    • The fifth and final unit, THE Big Problem, in this lesson then ponders why scarcity is considered THE economic problem and provides a little insight into why economists are grumpy.

    BEGIN Lesson =>


    <=PREVIOUS Lesson | NEXT Lesson =>

    AGGREGATE SUPPLY DETERMINANTS

    An assortment of ceteris paribus factors that affect short-run and long-run aggregate supply, but which are assumed constant when the short-run and long-run aggregate supply curves are constructed. Changes in any of the aggregate supply determinants cause the short-run and/or long-run aggregate supply curves to shift. While a wide variety of specific ceteris paribus factors can cause the aggregate supply curves to shift, they are commonly grouped into three broad categories--resource quantity, resource quality, and resource price.

    Complete Entry | Visit the WEB*pedia


    APLS

    PURPLE SMARPHIN
    [What's This?]

    Today, you are likely to spend a great deal of time searching the newspaper want ads seeking to buy either a travel case for you toothbrush or a looseleaf notebook binder. Be on the lookout for vindictive digital clocks with revenge on their minds.
    Your Complete Scope

    This isn't me! What am I?

    Natural gas has no odor. The smell is added artificially so that leaks can be detected.
    "Lead the life that will make you kindly and friendly to everyone about you, and you will be surprised what a happy life you will lead."

    -- Charles M. Schwab

    AMB
    Adjusted Monetary Base
    A PEDestrian's Guide
    Xtra Credit
    Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.

    User Feedback



    | AmosWEB | WEB*pedia | GLOSS*arama | ECON*world | CLASS*portal | QUIZ*tastic | PED Guide | Xtra Credit | eTutor | A*PLS |
    | About Us | Terms of Use | Privacy Statement |

    Thanks for visiting AmosWEB
    Copyright ©2000-2018 AmosWEB*LLC
    Send comments or questions to: WebMaster