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COMPENSATION OF EMPLOYEES: The official item in the National Income and Product Accounts maintained by the Bureau of Economic Analysis measuring wages earned by the household sector for supplying labor services. This is one of five official factor payments making up national income. The other four are net interest, rental income of persons, corporate profits, and proprietors' income. Compensation of employees is far and away the largest of the five factor payments, typically running about 70% of national income.

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Lesson 15: Aggregate Market | Unit 1: The Concept Page: 6 of 22

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  • The notion of the aggregate market as an analytical tool used for understanding the macroeconomy.
  • Combining the two sides of the aggregate market, aggregate demand and aggregate supply.
  • The two aspects of the macroeconomy analyzed with the aggregate market--the price level and real production.
  • The two basic problems that can be examined with the aggregate market--unemployment and inflation.

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SHORT-RUN AGGREGATE SUPPLY CURVE

A graphical representation of the short-run relation between real production and the price level, holding all ceteris paribus aggregate supply determinants constant. The short-run aggregate supply, or SRAS, curve is one of two curves that graphical capture the supply-side of the aggregate market. The other is the long-run aggregate supply curve (LRAS). The demand-side of the aggregate market is occupied by the aggregate demand curve. The positive slope of the SRAS curve captures the direct relation between real production and the price level that exists in the short run.

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