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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.

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Lesson 11: Circular Flow | Unit 4: Foreign Page: 16 of 22

Topic: Foreign Trade <=PAGE BACK | PAGE NEXT=>

The foreign sector is the fourth and last circular flow sector.
  • The foreign sector is households, businesses, and governments outside the domestic economy (including other planets).
  • Market exchanges are a natural means of addressing the scarcity problem. Mutually beneficial exchanges aren't limited by geographic location or political boundaries.
  • Foreign trade, the exchange among buyers and sellers in different nations, is an extension of mutually beneficial exchanges among people of the same country.
  • Foreign trade gives us the terms exports and imports.

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RESOURCE PRICES, SUPPLY DETERMINANT

The prices of the resource inputs that affect production cost and the ability to sell a particular good, which are assumed constant when a supply curve is constructed. An increase in resources prices causes a decrease in supply and a decrease in resource prices causes an increase in supply. Resources prices are one of five supply determinants that shift the supply curve when they change. The other four are production technology, other prices, sellers' expectations, and number of sellers.

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The first "Black Friday" on record, a friday marked by a major financial catastrophe, occurred on September 24, 1869 -- A FRIDAY -- when an attempted cornering of the gold market induced a financial crises and economy-wide depression.
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