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T-NOTE: The abbreviation for Treasury note, which is one kind of government security issued by the U. S. Treasury to obtain the funds used to finance the federal budget deficit. A Treasury note (or T-note) has a maturity length of between one and 10 years.

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Lesson 14: Aggregate Supply | Unit 4: Determinants Page: 17 of 20

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  • The rather stable, passive nature of the supply side of the aggregate market--at least when compared to the demand side.
  • How aggregate supply determinants shift the LRAS and SRAS curves, with an increase in aggregate supply moving rightward and a decrease moving leftward.
  • How the LRAS curve shifts from changes in full employment production resulting from changes in the quantity or quality of scarce resources.
  • Some of the ways that quantities of labor, capital, land, and entrepreneurship can change.
  • How resource quality is primarily changed through technology and education.
  • Production cost--especially things like wages and oil prices--as the primary determinant of the SRAS curve.

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ECONOMIC SCIENCE

The application of the scientific method to economic phenomena and topics related to the fundamental problem of scarcity. Economic science, also termed positive economics, is one of several social sciences that apply the scientific method to the study of human behavior.

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Today, you are likely to spend a great deal of time browsing through a long list of dot com websites trying to buy either a flower arrangement with a lot of roses for your grandmother or a wall poster commemorating the first day of winter. Be on the lookout for infected paper cuts.
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Only 1% of the U.S. population paid income taxes when the income tax was established in 1914.
"You have to find something that you love enough to be able to take risks, jump over the hurdles and break through the brick walls that are always going to be placed in front of you. If you don't have that kind of feeling for what it is you're doing, you'll stop at the first giant hurdle. "

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