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PRICE ELASTICITY OF SUPPLY: The relative response of a change in quantity supplied to a relative change in price. More specifically the price elasticity of supply can be defined as the percentage change in quantity supplied due to a percentage change in supply price. The price elasticity of supply should be contrasted with the price elasticity of demand.

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Lesson 20: Federal Reserve System | Unit 4: Monetary Policy Page: 13 of 20

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Expansionary monetary policy increases aggregate demand up to full employment and contractionary monetary policy decreases aggregate demand back to full employment.
  • Expansionary policy increases the money supply and shifts the AD curve rightward. This is used to correct a recessionary gap and achieve long-run equilibrium.
  • Contractionary policy decreases the money supply and shifts the AD curve leftward. This is used to correct an inflationary gap and achieve long-run equilibrium.
  • Note that monetary policy and interest rates are closely connected.

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INTERMEDIATE GOODS

Goods (and services) that are used as inputs or components in the production of other goods. Intermediate goods are combined into the production of finished products, or what are termed final goods. Unlike final goods, intermediate goods will be further processed before sold as final goods. Because gross domestic product seeks to measure the market value of final goods, and because the value of intermediate goods are included in the value of final goods, market transactions that capture the value of intermediate goods are not included separately in gross domestic product. To do so creates the problem of double counting.

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Today, you are likely to spend a great deal of time strolling through a department store hoping to buy either an electric coffee pot with automatic shutoff or a brown leather attache case. Be on the lookout for neighborhood pets, especially belligerent parrots.
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Three-forths of the gold mined each year is used to manufacture jewelry.
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