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LOCAL OUTPUT: An output that has a relatively small geographic market area due to the high cost of transportation. The high transportation cost means it is easier (that is, less expensive) to locate consumers near the output rather than trying to bring the output to the consumers. Like many things, local outputs are a matter of degree. At the other end of the spectrum lies transferrable outputs. Services, such as legal advice, health care, and entertainment, that are consumed as they are produced, tend to have a great deal of local orientation.

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Lesson 16: Aggregate Shocks | Unit 3: Basic Shifts Page: 10 of 21

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

The short-run equilibrium is given by the intersection of the negatively sloped AD curve and the positively-sloped SRAS.
  • An increase in AD and results in a new short-run equilibrium.
  • At the new equilibrium, both real production and the price level increase.
  • Real production can increase above full employment -- in the short run.
  • This shift gives us an intermediate point from one long-run equilibrium to another.

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VERTICAL MERGER

The consolidation of two or more separately-owned businesses, that have an input-output relation, into a single firm. This is one of three types of mergers. The other two are horizontal merger--two competing firms in the same industry that sell the same products--and conglomerate merger--two firms in separate, unrelated industries.

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Today, you are likely to spend a great deal of time at a flea market looking to buy either a package of 4 by 6 index cards, the ones with lines or a 50 foot extension cord. Be on the lookout for the last item on a shelf.
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This isn't me! What am I?

A scripophilist is one who collects rare stock and bond certificates, usually from extinct companies.
"When you play, play hard; when you work, don't play at all. "

-- Theodore Roosevelt, 26th US president

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