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RAW MATERIALS: The stuff used in the production of tangible products that become the tangible products. Raw materials, also shorted to just materials, are part of the land category of scarce resources. Space is also part of the land resource category. Another term that works as a synonym for materials is natural resources. Perhaps it's obvious that without materials, there would be no tangible products.

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Lesson 6: Supply | Unit 2: Law of Supply Page: 7 of 19

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  • The law of supply, which is an economic principle stating that supply price and quantity supplied are directly related, ceteris paribus.
  • The fact that the law of supply is not as rigid as the law of demand.
  • The ceteris paribus assumption, holding other things unchanged, that is used when using the law of supply.
  • How the law of supply is based on increasing production cost, which depends on the law of increasing opportunity cost.


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AGGREGATE SUPPLY INCREASE, SHORT-RUN AGGREGATE MARKET

A shock to the short-run aggregate market caused by an increase in aggregate supply, resulting in and illustrated by a rightward shift of the short-run aggregate supply curve. An increase in aggregate supply in the short-run aggregate market results in a decrease in the price level and an increase in real production. The level of real production resulting from the shock can be greater or less than full-employment real production.

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Today, you are likely to spend a great deal of time flipping through mail order catalogs hoping to buy either a coffee cup commemorating the first day of winter or a video game player. Be on the lookout for the happiest person in the room.
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The average bank teller loses about $250 every year.
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