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AD-AS ANALYSIS: An economic model relating the price level and real production that is used to analyze business cycles, gross domestic product, unemployment, inflation, stabilization policies, and related macroeconomic phenomena. The AS-AD model, inspired by the standard market model, captures the interaction between aggregate demand (the buyers) and short-run and long-run aggregate supply (the sellers).

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Lesson 6: Supply | Unit 1: Selling Basics Page: 1 of 19

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The concept of supply parallels the concept of demand. It too is fundamental to the study of the market and economics. It is the second of the two sides of the market that we'll study.

A definition:

Supply is the willingness and ability to sell a range of quantities of a good at a range of prices, during a given time.

Like demand we have three points:

  • Willingness and ability.
  • Range of quantities and prices.
  • A given time period.

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TRANSFER PAYMENTS

Payments made without any corresponding production or expectations of production. Unless otherwise noted (such as business transfer payments), the term transfer payments generally refers to payments by the government sector to the household sector. The three most important transfer payments are for Social Security, unemployment compensation, and welfare. The intent of these transfers payments is to redistribute income, and thus the goods and services that can be purchased with the income. Transfer payments surface as income received but not earned (IRBNE) that is added to national income to derived personal income.

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APLS

BLACK DISMALAPOD
[What's This?]

Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors looking to buy either a really, really exciting, action-filled video game or a coffee cup commemorating the moon landing. Be on the lookout for cardboard boxes.
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This isn't me! What am I?

A half gallon milk jug holds about $50 in pennies.
"The will to win is important, but the will to prepare is vital. "

-- Joe Paterno, football coach

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