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EQUILIBRIUM, SHORT-RUN AGGREGATE MARKET: The state of equilibrium that exists in the short-run aggregate market when real aggregate expenditures are equal to full employment real production with no imbalances to induce changes in the price level or real production. In other words, the opposing forces of aggregate demand (the buyers) and short-run aggregate supply (the sellers) exactly offset each other. Equilibrium in the short-run aggregate market achieves balance in the product markets and financial markets, but not in the resource markets. It also involves simultaneous equilibrium in the aggregated financial and resource markets.

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Lesson 4: Production Possibilities | Unit 2: The Schedule Page: 6 of 24

Topic: Opportunity Cost <=PAGE BACK | PAGE NEXT=>

Tradeoff between the production of jogging shoes and clock calibrators.
  • Resources are limited: Producing more of one good necessarily means producing less of the other.
  • This tradeoff represents the concept of opportunity cost.
  • Opportunity cost tells us how many pairs of jogging shoes are given up to produce each additional quartz clock calibrator.
  • Opportunity cost of first calibrator is 5 pairs of shoes.
  • Opportunity cost of second calibrator is 5 pairs of shoes.

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AGGREGATE SUPPLY DETERMINANTS

An assortment of ceteris paribus factors that affect short-run and long-run aggregate supply, but which are assumed constant when the short-run and long-run aggregate supply curves are constructed. Changes in any of the aggregate supply determinants cause the short-run and/or long-run aggregate supply curves to shift. While a wide variety of specific ceteris paribus factors can cause the aggregate supply curves to shift, they are commonly grouped into three broad categories--resource quantity, resource quality, and resource price.

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