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OPERATING STATEMENT: A statement of the revenues, expenditures, and profit for a business, household, or government entity over a given period of time. An income statement also goes by the names profit and loss statement, earnings report, and income statement. This is one of two key financial statements for an entity. The other is a balance sheet, which is a statement of assets, liabilities, and net worth at a given point in time.

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Lesson 16: Aggregate Shocks | Unit 3: Basic Shifts Page: 7 of 21

Topic: AD Shifts <=PAGE BACK | PAGE NEXT=>

There are two directions that the aggregate demand curve can shift:
  • An increase in aggregate demand is a rightward shift of the AD curve.
  • A decrease in aggregate demand is a leftward shift of the AD curve.

And we have the AD curve shifting in two versions of the aggregate market, long run and short run.

This gives us four basic curve-shifting alternatives:

  • An increase, with the long-run aggregate market.
  • A decrease, with the long-run aggregate market.
  • An increase, with the short-run aggregate market.
  • A decrease, with the short-run aggregate market.

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LAW OF COMPARATIVE ADVANTAGE

A principle that states that every nation, worker, or production entity has a production activity that incurs a lower opportunity cost than that of another nation, worker, or production entity, which means that trade between the two can be beneficial to both if each specializes in the production of a good with lower relative opportunity cost. This law is most often studied in the confines of international trade, but it also applies to labor and other types of production.

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