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AGGREGATE OUTPUT: The macroeconomy's total production of final goods and services. You might recognized it by it's official term gross domestic product. Another related term is aggregate supply. This is the total production in the economy that is purchased by the four basic economic sectors -- household, business, government, and foreign. See also aggregate market, aggregate demand, aggregate expenditures.

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Lesson 7: Market | Unit 5: The Method Page: 20 of 22

Topic: Too Much Production <=PAGE BACK | PAGE NEXT=>

This market has a 50-cent price and a 400-tape quantity in equilibrium.
  • Note the demand price and the supply price if the quantity is 500 tapes.
  • The demand price is 40 cents. This is the value of the good produced.
  • The supply price is 60 cents. This is the value of goods not produced.
  • Producing this quantity is the same as giving up 60 cents and getting 40 cents in return.
  • 500 tapes is not an efficient use of resources

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RESOURCE QUANTITY, AGGREGATE SUPPLY DETERMINANT

One of three categories of aggregate supply determinants assumed constant when the short-run and long-run aggregate supply curves are constructed, and which shifts both aggregate supply curves when it changes. An increase in a resource quantity causes an increase (rightward shift) of both aggregate supply curves. A decrease in a resource quantity causes a decrease (leftward shift) of both aggregate supply curves. The other two categories of aggregate supply determinants are resource quality and resource price. Specific determinants falling into this general category include population, labor force participation, capital stock, and exploration. Anything affecting the quantity of labor, capital, land, and entrepreneurship is also included.

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Today, you are likely to spend a great deal of time at the confiscated property police auction seeking to buy either handcrafted decorations to hang on your walls or throw pillows for your bed. Be on the lookout for deranged pelicans.
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The earliest known use of paper currency was about 1270 in China during the rule of Kubla Khan.
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