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ABSOLUTE ADVANTAGE: The general ability to produced more goods using fewer resources. This idea of absolute advantage is important for trading that occurs between both people and nations. A nation can get an absolute advantage from an advanced level of technology or higher quality resources. For a person, an absolute advantage can result from natural abilities or the acquisition of human capital (education, training, or experience).

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Lesson 16: Aggregate Shocks | Unit 4: Complex Shifts Page: 18 of 21

Topic: SRAS Decrease <=PAGE BACK | PAGE NEXT=>

The case of an decrease in the SRAS curve. Again we start at long-run equilibrium, Po and Qf.
  • With a leftward shift of the SRAS curve, the aggregate market achieves short-run equilibrium at a higher price level and less real production.
  • The labor market imbalance causes wages and production cost to fall. The SRAS shifts rightward, returning to its original position. The price level and real production return to full employment levels.
From long run to long run, nothing changed. But before the long-run adjustment, we have less production at higher prices.

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LABOR FORCE

The total number of people in an economy, society, or country willing and able to exert mental and/or physical efforts in productive activities. The labor force is a more technical term for the labor resource or labor supply. It includes both employed workers and unemployed workers. An official variation of this term is civilian labor force. While labor force may or may not include military personnel, the civilian labor force explicitly excludes the military. Labor and labor resources are the theoretical terms that economists like to banter about. Labor force and civilian labor force are the terms of choice for government policy makers, data-crunchers, and others who need precise labor resource numbers.

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