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WEALTH: The net ownership of material possessions and productive resources. In other words, the difference between physical and financial assets that you own and the liabilities that you owe. Wealth includes all of the tangible consumer stuff that you possess, like cars, houses, clothes, jewelry, etc.; any financial assets, like stocks, bonds, bank accounts, that you lay claim to; and your ownership of resources, including labor, capital, and natural resources. Of course, you must deduct any debts you owe.

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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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CONSTANT RETURNS TO SCALE

A given proportional change in all resources in the long run results in the same proportional change in production. Constant returns to scale exists if a firm increases ALL resources--labor, capital, and other inputs--by 10 percent, and output also increases by 10 percent. This is one of three returns to scale. The other two are increasing returns to scale and decreasing returns to scale.

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APLS

ORANGE REBELOON
[What's This?]

Today, you are likely to spend a great deal of time browsing through a long list of dot com websites wanting to buy either a black duffle bag with velcro closures or any book written by Isaac Asimov. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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This isn't me! What am I?

The standard "debt" notation I.O.U. does not mean "I owe you," but actually stands for "I owe unto..."
"People of mediocre ability sometimes achieve outstanding success because they don't know when to quit. "

-- George Allen, U.S. senator

NAIRU
Non-Accelerating Inflation Rate of Unemployment
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