Google
Monday 
April 23, 2018 

AmosWEB means Economics with a Touch of Whimsy!

AmosWEBWEB*pediaGLOSS*aramaECON*worldCLASS*portalQUIZ*tasticPED GuideXtra CrediteTutorA*PLS
AGGREGATE SUPPLY: The total (or aggregate) real production of final goods and services available in the domestic economy at a range of price levels, during a given time period. Aggregate supply (AS) is one half of the aggregate market analysis; the other half is aggregate demand. Aggregate supply, relates the economy's price level, measured by the GDP price deflator, and aggregate domestic production, measured by real gross domestic product. The aggregate supply relation is generally separated into long-run aggregate supply, in which all prices and wages and flexible and all markets are in equilibrium, and short-run aggregate supply, in which some prices and wage are NOT flexible and some markets are NOT in equilibrium.

Visit the GLOSS*arama

Most Viewed (Number) Visit the WEB*pedia

Lesson 11: Circular Flow | Unit 1: Basic Flow Page: 4 of 22

Topic: The Physical Flow <=PAGE BACK | PAGE NEXT=>

Two sectors: household and business.

Two markets: product and factor.

  • The physical flow is the counter-clockwise flow of resources from the household to business sector and production from the business to household sector.
  • Production flows from the business sector (supply) to the household sector (demand) through the product markets.
  • Resources flow from the household sector (demand) to the business (supply) sector through the factor markets.
  • The household sector sells the resources through the factor markets and buy goods through the product markets.
  • The business sector buys resources through the factor markets and sells goods through the product markets.

Course Home | Lesson Menu | Page Back | Page Next

AVERAGE FACTOR COST CURVE

A curve that graphically represents the relation between average factor cost incurred by a firm for employing an input and the quantity of input used. Because average factor cost is essentially the price of the input, the average factor cost curve is also the supply curve for the input. The average factor cost curve for a firm with no market control is horizontal. The average revenue curve for a firm with market control is positively sloped.

Complete Entry | Visit the WEB*pedia


APLS

PURPLE SMARPHIN
[What's This?]

Today, you are likely to spend a great deal of time strolling through a department store seeking to buy either a cell phone case or a pair of designer sunglasses. Be on the lookout for a thesaurus filled with typos.
Your Complete Scope

This isn't me! What am I?

A half gallon milk jug holds about $50 in pennies.
"The past cannot be changed. The future is yet in your power. "

-- Hugh White, U.S. Senator

APR
Annual Percentage Rate
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