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FISCAL YEAR: The 12-month period government uses for collecting taxes, appropriating spending, and otherwise tabulating its budget. A government's fiscal year need not be identical to the standard January to December calendar year. The fiscal year used by the U.S. Federal government, for example, runs from October through September. State and local governments often have fiscal years running from July through June. For most governments, the fiscal year is self-contained spending period. The revenue appropriated to a government agency needs to be spent during the fiscal year.

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Lesson 14: Aggregate Supply | Unit 3: The Curves Page: 8 of 20

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

The long-run aggregate supply (LRAS) curve captures the relationship between the price level and the aggregate supply of real production in the long run.
  • GDP deflator, the price level, is measured on the vertical axis. Real GDP, the real production, is measured on the horizontal axis.
Highlights:
  • The LRAS is a straight, vertical line.
  • The price level does not affect the aggregate supply of real production.
  • The supply is real production given that all resources are fully employed.
  • Flexible prices ensures that full employment production is maintained, in the long run.

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AGGREGATE MARKET ANALYSIS

An investigation of macroeconomic phenomena, including unemployment, inflation, business cycles, and stabilization policies, using the aggregate market interaction between aggregate demand, short-run aggregate supply, and long-run aggregate supply. Aggregate market analysis, also termed AS-AD analysis, has been the primary method of macroeconomic analysis since replacing Keynesian economics in the 1980s. Like most economic analysis, aggregate market analysis employs comparative statics, the technique of comparing the equilibrium after a shock with the equilibrium before a shock.

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Today, you are likely to spend a great deal of time watching infomercials hoping to buy either a coffee cup commemorating the moon landing or a how-to book on surfing the Internet. Be on the lookout for mail order catalogs with hidden messages.
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Only 1% of the U.S. population paid income taxes when the income tax was established in 1914.
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