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LAW OF SUPPLY: The direct relationship between supply price and the quantity supplied, ceteris paribus. This fundamental economic principle indicates that as the price of a commodity increases, then the quantity of the commodity that sellers are able and willing to sell in a given period of time, if other factors are held constant, also increases. This law, while not quite as iron-clad as the law of demand, is quite important to the study of markets.

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Lesson 14: Aggregate Supply | Unit 1: The Concept Page: 1 of 20

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In this lesson we will look at the other side of the aggregate market, the aggregate supply, to see how gross domestic product gets produced.

Society's scarce resources, with the opportunity cost of their alternative uses, must be combined to produce these goods and services.

A Definition:

  • Aggregate supply is the total, or aggregate, production of final goods and services available in the domestic economy at a range of price level, during a given time period (usually one year).
  • Similar to aggregate demand.
The goal of aggregate supply is to combine scarce resources to produce our economy's gross domestic product.
  • Four resource categories of aggregate supply:
    • Labor The people working.
    • Capital Tools and equipment.
    • Land Raw materials.
    • Entrepreneurship Those who assume the risk of production.
  • The goods and services produced are supplied to meet the demands of our households, business, government, and foreign sectors.
  • Gross production is the supply side of the aggregate market, the supply of real production, or real GDP.

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SEIGNIORAGE

The difference between the face value, or value in exchange, of money and the cost of producing the money. This seigniorage is effectively the profit government generates from producing currency--printing paper bills or minting metal coins. That is, government effectively "makes money" by making money.

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Today, you are likely to spend a great deal of time searching the newspaper want ads trying to buy either a 50 foot extension cord or a combination CD player, clock radio, and telephone (with answering machine). Be on the lookout for deranged pelicans.
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Francis Bacon (1561-1626), a champion of the scientific method, died when he caught a severe cold while attempting to preserve a chicken by filling it with snow.
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