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COMMON MARKET: An agreement among two or more nations to eliminate trade restrictions with each other, to adopt a common trade policy with other nations, and to allow free movement of resources among their countries. There is, however, no effort to adopt common monetary or fiscal policies. This is considered the third of four levels of integration among nations. Customs union, economic union, and free-trade area are the other three levels.

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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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ENERGY PRICES, AGGREGATE SUPPLY DETERMINANT

One of several specific aggregate supply determinants assumed constant when the aggregate supply curve is constructed, and that shifts the aggregate supply curve when it changes. An increase in the energy prices causes a decrease (leftward shift) of the aggregate supply curve. A decrease in the energy prices causes an increase (rightward shift) of the aggregate supply curve. Other notable aggregate supply determinants include technology, wages, and the capital stock. Energy prices fall under the resource price aggregate supply determinant.

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Much of the $15 million used by the United States to finance the Louisiana Purchase from France was borrowed from European banks.
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