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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 2: The Numbers
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Page: 8 of 22
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What would happen if buyers and sellers faced a price of 50 cents?- At 50 cents, the quantity demanded is 400 tapes.
- At 50 cents, the quantity supplied is 400 tapes.
- The quantity demanded is the same as the quantity supplied at this 50 cent price.
- This IS equilibrium.
- This equilibrium price and equilibrium quantity will remain until something else changes.
- This 50 cent price is the only one that matches the quantity demanded and the quantity supply
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RESOURCE PRICES, SUPPLY DETERMINANT The prices of the resource inputs that affect production cost and the ability to sell a particular good, which are assumed constant when a supply curve is constructed. An increase in resources prices causes a decrease in supply and a decrease in resource prices causes an increase in supply. Resources prices are one of five supply determinants that shift the supply curve when they change. The other four are production technology, other prices, sellers' expectations, and number of sellers.
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time touring the new suburban shopping complex hoping to buy either a lazy Susan for you dining room table or a set of serrated steak knives, with durable plastic handles. Be on the lookout for rusty deck screws.
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Natural gas has no odor. The smell is added artificially so that leaks can be detected.
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"Sometimes when you innovate, you make mistakes. It is best to admit them quickly and get on with improving your other innovations. " -- Steve Jobs, Apple Computer founder
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NNP
Net National Product
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