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CAPITAL STOCK, AGGREGATE SUPPLY DETERMINANT: One of several specific aggregate supply determinants assumed constant when the aggregate supply curves (both long run and short run) are constructed, and which shifts the aggregate supply curves when it changes. An increase in the capital stock causes an increase (rightward shift) of both aggregate supply curves. A decrease in the capital stock causes a decrease (leftward shift) of both aggregate supply curves. Other notable aggregate supply determinants include the technology, energy prices, and the wages. Capital stock comes under the resource quantity aggregate supply determinant.

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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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INSURANCE

A service that transfers the risk of loss from an individual to a larger group. The larger group is typically represented by an insurance provider, either a private for-profit company or a government agency. The insurance provider can assume the risk through risk pooling. Risk averse people, who are willing to pay a premium to avoid risk, are the ones most inclined to purchase insurance. The risk averse individual agrees to incur a small guaranteed loss (the premium) but avoids incurring a less likely, but much bigger, loss.

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APLS

BROWN PRAGMATOX
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Today, you are likely to spend a great deal of time looking for a downtown retail store looking to buy either a coffee cup commemorating Thor Heyerdahl's Pacific crossing aboard the Kon-Tiki or a rechargeable battery for your cell phone. Be on the lookout for infected paper cuts.
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The 1909 Lincoln penny was the first U.S. coin with the likeness of a U.S. President.
"The vacuum created by failure to communicate will quickly be filled with rumor, misrepresentations, drivel and poison. "

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OAS
Organization of American States
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