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S&P 500: The abbreviation for the Standard & Poor's 500, an index of the prices of 500 corporate stocks traded on the New York Stock Exchange. It includes an assortment of stocks for industrial, transportation, and utility companies. It also includes a larger number of stocks than the comparable Dow Jones composite index, which means it's often considered a better measure of the overall performance of the stock market. Less commonly publicized are separate Standard & Poor's indexes for industrial, transportation, utility, and financial stocks.
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Lesson 14: Aggregate Supply | Unit 1: The Concept
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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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PRODUCT MARKETS Markets that exchange final goods and services, that is, the output that is combined into gross domestic product. The buyers of this production are the four macroeconomic sectors--household, business, government, and foreign. The seller of this production is primarily the business sector. A substantial part of macroeconomics is devoted to explaining how and why gross domestic product exchanged through product markets rises or falls. Product markets, also termed output or goods markets, are one of three primary sets of macroeconomic markets. The other two are resource markets and financial markets.
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PINK FADFLY
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Today, you are likely to spend a great deal of time at a garage sale trying to buy either one of those memory foam pillows or a remote controlled train set. Be on the lookout for small children selling products door-to-door.
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In his older years, Andrew Carnegie seldom carried money because he was offended by its sight and touch.
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"Sometimes when you innovate, you make mistakes. It is best to admit them quickly and get on with improving your other innovations. " -- Steve Jobs, Apple Computer founder
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