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LAW OF INCREASING OPPORTUNITY COST: The proposition that opportunity cost, the value of foregone production, increases as more of a good is produced. This "law" can be seen in the production possibilities schedule and is illustrated graphically through the slope of the production possibilities curve. It generates the distinctive convex shape of the curve, making it flat at the top and steep at the bottom.

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Lesson 14: Aggregate Supply | Unit 4: Determinants Page: 16 of 20

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

The short-run aggregate supply (SRAS) curve is related to the price level, and this relation depends on production cost.
  • An increase in production cost decreases aggregate supply and shifts the SRAS leftward.
  • A decrease in production cost increases aggregate supply and shifts the SRAS rightward.
Key production cost changes:
  • Wages: Wages shift the SRAS from adjustments in workers perceptions of the current price level and expectations about future prices.
  • Material Cost: Key economy-wide resources, like oil, can cause the SRAS to shift through big changes in price.

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IMPLICIT LOGROLLING

The trading of votes to ensure a favorable outcome for two or more separate decisions undertaken by combined both decisions into a single vote. Commonly practiced in legislative bodies, implicit logrolling occurs when two separate programs or policies are combined into a single package, which is then subject to a single vote. The contrast is with explicit logrolling in which each of two voters agree to cast separate votes for two separate programs. Whether implicit or explicit, logrolling is generally used when neither decision is able to obtain the necessary majority of the votes needed for passage on their own accord.

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Today, you are likely to spend a great deal of time flipping through mail order catalogs hoping to buy either a how-to book on meeting people or clothing for your pet iguana. Be on the lookout for a thesaurus filled with typos.
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In the Middle Ages, pepper was used for bartering, and it was often more valuable and stable in value than gold.
"Whatever course you decide upon, there is always someone to tell you that you are wrong. There are always difficulties arising which tempt you to believe that your critics are right. To map out a course of action and follow it to an end requires...courage."

-- Ralph Waldo Emerson

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