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ABSTRACTION METHODS: Abstraction is the process of simplifying the complexities of the real world by ignoring (hopefully) unimportant details, especially (for our purposes) while doing economic analysis. Three common methods of actual, real world abstraction used in economic theories are words, graphs, and equations. Words can be misunderstood. Graphs are a little more precise. And equations tend to be the most precise of the three.

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Lesson 14: Aggregate Supply | Unit 4: Determinants Page: 13 of 20

Topic: Long Run Supply <=PAGE BACK | PAGE NEXT=>

The key characteristic of the long-run aggregate supply (LRAS) curve is that it is vertical at the full employment level of production.
  • Whatever affects the full-employment level of real production will cause the long-run aggregate supply curve to shift.
  • The determinants of the long-run aggregate supply curve are the same things that cause the production possibilities curve to shift:
The Q and Q determinants:
  • Quantity of Resources.
  • Quality of Resources.

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SHORT-RUN AGGREGATE MARKET

A macroeconomic model relating the price level and real production under the assumption that SOME prices are inflexible, especially resource prices. This is one of two aggregate market submodels used to analyze business cycles, gross production, unemployment, inflation, stabilization policies, and related macroeconomic phenomena. The other is the long-run aggregate market. The short-run aggregate market isolates the interaction between aggregate demand and short-run aggregate supply. The key assumption of this model is that SOME prices, especially resource prices, are inflexible. The primary result of this model is that the economy can achieve short-run equilibrium at real production that is either greater than or less than full-employment.

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APLS

RED AGGRESSERINE
[What's This?]

Today, you are likely to spend a great deal of time calling an endless list of 800 numbers seeking to buy either a microwave over that won't burn your popcorn or a T-shirt commemorating the first day of winter. Be on the lookout for the last item on a shelf.
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In the early 1900s around 300 automobile companies operated in the United States.
"Our goals can only be reached through a vehicle of a plan, in which we must fervently believe, and upon which we must vigorously act. There is no other route to success. "

-- Pablo Picasso, artist

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