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AEA: The abbreviation for, the 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 3: The Curves Page: 9 of 20

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

The short-run aggregate supply (SRAS) curve captures the relationship between the price level and the aggregate supply of real production in the short 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 SRAS is a positively-sloped line.
  • The positive slope means that higher price levels correspond to greater levels of real production.
  • With rigid prices, the price level does affect the aggregate supply of real production in the short run.

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AVERAGE FACTOR COST CURVE

A curve that graphically represents the relation between average factor cost incurred by a firm for employing an input and the quantity of input used. Because average factor cost is essentially the price of the input, the average factor cost curve is also the supply curve for the input. The average factor cost curve for a firm with no market control is horizontal. The average revenue curve for a firm with market control is positively sloped.

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Today, you are likely to spend a great deal of time looking for a downtown retail store seeking to buy either a three-hole paper punch or decorative picture frames. Be on the lookout for pencil sharpeners with an attitude.
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A half gallon milk jug holds about $50 in pennies.
"Do what you feel in your heart to be right for you'll be criticized anyway. You'll be damned if you do and damned if you don't. "

-- Eleanor Roosevelt, first lady

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National Futures Association
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