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AEA: The abbreviation for, the American Economic Association, an organization of over 25,000 professional economists. Founded in 1885, this premier top-of-the-economic-association-list publishes the prestigious American Economic Review, arguably THE number one scholarly U.S. economic journal and the Journal of Economic Literature, arguably THE number one index of economic journal publications. The AEA, as acronymically inclined economists call it, also sponsors an annual conference where professional economists present scholarly papers on their latest scholarly research.

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

Topic: What It Is <=PAGE BACK | PAGE NEXT=>

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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GOLDSMITH BANKING

An analysis of banking functions based on the semi-realistic activities of the goldsmith profession of Medieval Europe. Because the gold used a production inputs by goldsmiths was also used as money, they developed many modern banking functions, including maintaining deposits, making loans, keeping reserves, and creating money. While the story of goldsmith banking is often embellished for instructional purposes, it does contain the essence of how goldsmiths operated as banks.

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Today, you are likely to spend a great deal of time wandering around the downtown area trying to buy either a green and yellow striped sweater vest or a Boston Red Sox baseball cap. Be on the lookout for deranged pelicans.
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The word "fiscal" is derived from a Latin word meaning "moneybag."
"Follow effective action with quiet reflection. From the quiet reflection will come even more effective action. "

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