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KEYNESIAN RANGE: The horizontal segment of the Keynesian aggregate supply curve that reflects rigid prices and wages. Shifts of the aggregate demand curve in this range lead to changes in the aggregate output, but not changes in price level. Such results are consistent with Keynesian economics, which is why this is termed the "classical" range. The other ranges of the Keynesian aggregate supply curve are the classical range and the intermediate range.

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Lesson 10: Gross Domestic Product | Unit 2: Looking Behind GDP Page: 11 of 25

Topic: GDP <=PAGE BACK | PAGE NEXT=>

Economic production that involves market transactions is the foundation of GDP. This is area E. It is combined with area B to measure GDP.

A summary of measuring GDP:

  • Start with all market transactions of record.
  • Toss out past and future production in Slice A.
  • Add the estimated value of nonmarket 'in-kind' production in Slice B.
  • Don't include the value of nonmarket production in chunk C and the value of illegal production in chunk D.
  • Combine areas B and E for the final tabulation of GDP.

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ELASTICITY AND SUPPLY INTERCEPT

The intersection of a straight-line supply curve with vertical price axis and/or horizontal quantity axis reveals the relative price elasticity of supply. Intersection with the horizontal quantity axis means inelastic and intersection with the vertical price axis means elastic. Intersection with the origin means unit elastic supply.

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