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PERSONAL INCOME: The total income received by the members of the domestic household sector, which may or may not be earned from productive activities during a given period of time, usually one year. The primary use of personal income is to measure the income actually paid out to the household sector. After adjusting for income taxes, personal income forms the basis for consumption expenditures on gross domestic product.

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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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FOR WHOM?

The allocation question that determines the distribution of goods and services among the members of society. In can be stated as: Who receives the goods and services produced with society's limited resources? This is one of three basic questions of allocation. The other two are What? and How?

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APLS

WHITE GULLIBON
[What's This?]

Today, you are likely to spend a great deal of time wandering around the downtown area looking to buy either handcrafted decorations to hang on your walls or throw pillows for your bed. Be on the lookout for high interest rates.
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This isn't me! What am I?

Lewis Carroll, the author of Alice in Wonderland, was the pseudonym of Charles Dodgson, an accomplished mathematician and economist.
"Act well at the moment, and you have performed a good action for all eternity."

-- Johann Kaspar Lavater

MC
Marginal Cost
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