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WAGES, AGGREGATE SUPPLY DETERMINANT: One of several specific aggregate supply determinants assumed constant when the short-run aggregate supply curve is constructed, and that shifts the short-run aggregate supply curve when it changes. An increase in the wages causes a decrease (leftward shift) of the short-run aggregate supply curve. A decrease in the wages causes an increase (rightward shift) of the short-run aggregate supply curve. Other notable aggregate supply determinants include the technology, energy prices, and the capital stock. Wages are an example of a resource price aggregate supply determinant.
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Lesson 11: Elasticity Basics | Unit 2: A Little More
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Page: 10 of 25
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In this unit, you should have learned about:- The two general categories of elasticity -- elastic and inelastic.
- How elastic means a change in price prompts a relatively larger change in quantity.
- How elastic means a change in price prompts a relatively smaller change in quantity.
- How market shocks result in relatively different changes in price and quantity for elastic and inelastic demand and supply.
- Why elasticity is important when analyzing the impact of taxes on markets.
- How the two reasons for taxes -- revenue generation and resource allocation -- are achieved for elastic and inelastic goods.
- Why elasticity is important when analyzing price ceilings and price floors.
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AGGREGATE EXPENDITURES EQUATION An equation that summarizes the four aggregate expenditures on gross domestic product by the four macroeconomic sectors. In the study of Keynesian economics, this equation is commonly used to summarize the demand side of the macroeconomy. The aggregate expenditures equation actually comes in three different versions depending on how many of the four sectors and their expenditures are included.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time strolling through a department store seeking to buy either a wall poster commemorating the 2000 Olympics or a flower arrangement with a lot of roses for your grandmother. Be on the lookout for infected paper cuts.
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The 1909 Lincoln penny was the first U.S. coin with the likeness of a U.S. President.
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"The past is a foreign country; they do things differently there." -- Leslie Poles Hartley, Writer
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UR
Unemployment Rate
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