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AGGREGATE SUPPLY CURVE: A graphical representation of the relation between real production and the price level, holding all ceteris paribus aggregate supply determinants constant. There are actually two separate aggregate supply curves, one for the long run and one for the short run. These aggregate supply curves are one side of the graphical presentation of the aggregate market. The other side is occupied by the aggregate demand curve.

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Lesson 15: Aggregate Market | Unit 2: Equilibrium Page: 9 of 22

Topic: Moving Target <=PAGE BACK | PAGE NEXT=>

The dynamic nature of the aggregate market makes the long-run equilibrium a moving target.
  • The difference between long-run and short-run equilibria is critical to the study of the macroeconomy.
  • Aggregate demand, especially investment, is volatile.
  • Aggregate supply, although somewhat predictable, involves continuous adjustments.
  • Long-run equilibrium is a perpetually pursued goal, but seldom actually reached.
As we approach the long-run equilibrium target, it has likely changed due to different economic conditions, due to changes in aggregate demand, aggregate supply, or more than likely, both.

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EMPLOYED PERSONS

People who are actively engaged in the production of goods and services. This is one of three official categories used to classify individuals by the Bureau of Labor Statistics (BLS) based on information obtained from the Current Population Survey. The other two categories are unemployed persons and not in the labor force. The sum of employed persons and unemployed persons constitutes the civilian labor force.

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Today, you are likely to spend a great deal of time searching for rummage sales seeking to buy either a birthday gift for your grandmother or a T-shirt commemorating yesterday. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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John Maynard Keynes was born the same year Karl Marx died.
"Think not of yourself as the architect of your career but as the sculptor. Expect to have to do a lot of hard hammering and chiseling and scraping and polishing. "

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