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KEYNESIAN AGGREGATE SUPPLY CURVE: A modification of the standard aggregate supply curve used in the aggregate market (or AD-AD) analysis to reflect the basic assumptions of Keynesian economics. The Keynesian aggregate supply curve contains either two or three segments. The strict Keynesian aggregate supply curve contains two segments, a vertical classical range and a horizontal Keynesian range, meeting a right angle and forming a reverse L-shape. An alternative version replaces the right angle intersection with a gradual transition between the two segments that is positively sloped and termed the intermediate range. The modern aggregate supply curve is largely based on this intermediate range.

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Lesson 15: Aggregate Market | Unit 1: The Concept Page: 3 of 22

Topic: Two Sides: LRAS <=PAGE BACK | PAGE NEXT=>

The aggregate market combines two sides, those who buy, aggregate demand, and those who sell, aggregate supply.
  • Aggregate demand is the spending by the four basic sectors of the economy: household, business, government, and foreign sector.
  • Aggregate supply is the economy's producers -- the factors of production: labor, capital, land, and entrepreneurship.
  • The aggregate market is the mechanism through which buyers and sellers come together to exchange the economy's production.
The LRAS curves represents part of the supply side of the aggregate market.

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PLANT

The physical capital (building and equipment) at a particular location used for the production of goods and services. A plant, or factory, is usually a relatively large production operation (compared with something smaller, like a shop). While plant and firm are occasionally used synonymously, a given firm might own more than one plant and a given plant might be owned by more than one firm.

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Today, you are likely to spend a great deal of time driving to a factory outlet looking to buy either storage boxes for your summer clothes or 500 feet of coaxial cable. Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity.
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