March 23, 2018 

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CENTRAL BANK: The banking authority of a nation that's in charge of ensuring a sound money supply and conducting the country's monetary policy. It's usually authorized by, and works closely with, the government to achieve full employment, low inflation rates , economic growth, and all of the other goals that make people happy, healthy, and wise. Unlike many other nations, which have a single central bank, the good old U. S. of A. actually has a de-central bank.

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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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A buyer or seller that possess sufficient market control to affect the price of the good. From the selling side of the market, a monopoly is the best example of a price maker. From the buying side of the market, a monopsony is also a price maker. This is one of two alternatives related to control over price. The other is price taker. Price maker is also termed price setter.

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Today, you are likely to spend a great deal of time lost in your local discount super center seeking to buy either a large, stuffed kitty cat or a cross-cut paper shredder. Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity.
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The first paper currency used in North America was pasteboard playing cards "temporarily" authorized as money by the colonial governor of French Canada, awaiting "real money" from France.
"It is not the straining for great things that is most effective; it is the doing of the little things, the common duties, a little better and better."

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