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DEPRECIATION, CURRENCY: The declining value of one currency, in terms of its ability to purchase goods and services. This is most often seen as a change in the exchange rate of the currency for the currencies of other nations.

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

Topic: Quantity of Resources <=PAGE BACK | PAGE NEXT=>

A change in the quantity of labor, capital, land, or entrepreneurship will alter full employment real production and shift the long-run aggregate supply curve.
  • Changes in resource quantities tend to be steady and predictable.
  • Labor can change for three reasons:
    • Natural growth of population.
    • Migration.
    • The labor force participation rate.
  • Capital changes from depreciation of capital and investment in capital.
  • Land changes from exploration and discovery of natural resources.
  • Entrepreneurship, while difficult to measure, increases when more people assume the risk of production.

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AGGREGATE DEMAND CURVE

A graphical representation of the relation between aggregate expenditures on real production and the price level, holding all ceteris paribus aggregate demand determinants constant. The aggregate demand (AD) curve is one side of the graphical presentation of the aggregate market. The other side is occupied by the long-run aggregate supply curve and/or the short-run aggregate supply curve. The negative slope of the aggregate demand curve captures the inverse relation between aggregate expenditures on real production and the price level. This negative slope is attributable to the interest-rate, real-balance, and net-export effects.

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Today, you are likely to spend a great deal of time calling an endless list of 800 numbers looking to buy either a box of multi-colored, plastic paper clips or several orange mixing bowls. Be on the lookout for broken fingernail clippers.
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One of the largest markets for gold in the United States is the manufacturing of class rings.
"Now is the only time there is. Make your now wow, your minutes miracles, and your days pay. Your life will have been magnificently lived and invested, and when you die you will have made a difference."

-- Mark Victor Hansen

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