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AMERICAN ECONOMIC ASSOCIATION: An organization of over 25,000 professional economists. Founded in 1885, this premier top-of-the-economic-association-list publishes the prestigious American Economic Review, arguably THE number one scholarly U.S. economic journal and the Journal of Economic Literature, arguably THE number one index of economic journal publications. The AEA, as acronymically inclined economists call it, also sponsors an annual conference where professional economists present scholarly papers on their latest scholarly research.

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Lesson 14: Aggregate Supply | Unit 2: Two Options Page: 6 of 20

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

In the short run some prices are flexible and some prices are rigid. Rigid prices are most important to resource and labor markets.
  • Rigid prices prevent markets from eliminating surpluses and from reaching equilibrium.
  • In the labor market, surpluses mean unemployment and not reaching full employment.
  • Short run aggregate supply involves the interplay of many elements in addition to price rigidity.

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AGGREGATE DEMAND

The total real expenditures on final goods and services produced in the domestic economy that buyers are willing and able to undertake at different price levels, during a given time period (usually a year). Aggregate demand, usually abbreviated AD, is an inverse relation between price level and aggregate expenditures. This is one half of the AS-AD (aggregate market) analysis. The other half is aggregate supply. Aggregate demand consists of four aggregate expenditures--consumption expenditures, investment expenditures, government purchases, and net exports--made by the four macroeconomic sectors--household, business, government, and foreign.

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APLS

BEIGE MUNDORTLE
[What's This?]

Today, you are likely to spend a great deal of time calling an endless list of 800 numbers wanting to buy either a large green chalkboard shaped like the state of Maine or a replacement battery for your pocket calculator. Be on the lookout for attractive cable television service repair people.
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More money is spent on gardening than on any other hobby.
"It is not fair to ask of others what you are unwilling to do yourself. "

-- Eleanor Roosevelt, diplomat, activist

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