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AGGREGATE SUPPLY DETERMINANTS: An assortment of ceteris paribus factors that affect both short-run aggregate supply 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 long-run aggregate supply curves to shift. While a wide variety of specific ceteris paribus factors can cause the aggregate supply curves to shift, it's usually most convenient to group them into three broad categories -- resource quantity, resource quality, and resource prices.
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Lesson 10: Gross Domestic Product | Unit 3: Two Views of GDP
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Page: 15 of 25
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The four sectors of the economy buy ALL current economic production and when aggregated give us GDP. The four sectors and their expenditures: - Household: Consumption (C).
- Business: Investment (I).
- Government: Government Expenditures (G).
- Foreign: Net Exports (X-M), the difference between Exports (X) and Imports (I).
Expenditures on GDP: GDP = C + I + G + (X-M)- C, I and G buy not just domestic goods and services, but also imports.
- When we aggregate C, I, G and X we have domestic production plus imports. To measure only domestic production, we subtract imports (M).
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MONEY CHARACTERISTICS The four primary characteristics of money are: (1) durability, (2) divisibility, (3) transportability, and (4) noncounterfeitability. Although a number of items or assets have served as money, those that best match these four characteristics are the ones that best function as money, the ones that best operate as a medium of exchange.
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BEIGE MUNDORTLE [What's This?]
Today, you are likely to spend a great deal of time driving to a factory outlet seeking to buy either storage boxes for your computer software CDs or a set of tires. Be on the lookout for bottles of barbeque sauce that act TOO innocent. Your Complete Scope
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The 1909 Lincoln penny was the first U.S. coin with the likeness of a U.S. President.
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"Old age isn't so bad when you consider the alternative. " -- Cato, Roman orator
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BCUA Business Computers Users Association
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