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ECONOMIC THINKING: A way of looking at, and analyzing, the way the world works by comparing the costs of an action with the benefits generated. Economic thinking arises from scarcity, which exists because wants and needs and unlimited but resources are limited. This means virtually all actions incur an opportunity cost. Identifying the cost of an action, no matter how hidden or subtle it may be, is the essence of economic thinking.

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Lesson 14: Aggregate Supply | Unit 4: Determinants Page: 12 of 20

Topic: Stability <=PAGE BACK | PAGE NEXT=>

The shifts in the aggregate supply curves are usually small, steady, and readily expected.
  • The supply-side of the aggregate market is usually the perfect picture of stability.
  • Most of economy's instability result from instability on the demand side of the aggregate market.
  • Shifts of the aggregate supply curve are due to ceteris paribus determinants.
  • The supply determinants are things, other than the price level, that affect aggregate supply.
Both, short-run aggregate supply and long-run aggregate supply curves, can increase or decrease.

In both, long run and shot run:

  • An increase shifts the aggregate supply curve to right.
  • It means that producers are willing and able to offer more real production for sale at any and all price levels.
  • A decrease shifts the aggregate supply curve to left.
  • It means that producers are willing and able to offer less real production for sale at any and all price levels.

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ADVISORY COUNCILS, FEDERAL RESERVE SYSTEM

Three support committees that provide feedback to the Board of Governors of the Federal Reserve System to assist in its assorted regulatory responsibilities, including Federal Advisory Council, Thrift Institutions Advisory Council, and Consumer Advisory Council. The Federal Advisory Council is a broad ranging council comprise of commercial bankers. The Thrift Institutions Advisory Council is comprised of representatives of thrift institutions. The Consumer Advisory Council is comprised of consumer credit representatives.

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BEIGE MUNDORTLE
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Today, you are likely to spend a great deal of time wandering around the shopping mall seeking to buy either a T-shirt commemorating Thor Heyerdahl's Pacific crossing aboard the Kon-Tiki or a wall poster commemorating the 2000 Olympics. Be on the lookout for celebrities who speak directly to you through your television.
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Junk bonds are so called because they have a better than 50% chance of default, carrying a Standard & Poor's rating of CC or lower.
"The past cannot be changed. The future is yet in your power. "

-- Hugh White, U.S. Senator

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