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AGGREGATION: The process of adding up, summing, or otherwise identifying the total value of a variable or measure, especially when used in the study of macroeconomics. Common items that are aggregated are demand, supply, and expenditures on gross domestic product, which result in aggregate demand, aggregate supply, and aggregate expenditures.

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Lesson 3: Scarcity | Unit 5: THE Problem Page: 15 of 17

Topic: No Free Lunch <=PAGE BACK | PAGE NEXT=>

An important aspect of scarcity is the fact that almost nothing is free.
  • That's why economists are fond of saying: 'There ain't no such thing as a free lunch.
We have always faced limited resources and we've always wanted more than we can produce.
  • Scarcity is definitely THE Economic Problem.
  • Everything we do from in economic terms-production, consumption, working, attending college-is directed toward this problem.
  • Scarcity is important to many, perhaps even all, other human activities.
  • Education? Without scarcity, education is not needed.
  • Government? Without scarcity, government is not needed.
  • What about vacations, religion, television?

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SHORT-RUN AGGREGATE SUPPLY AND MARKET SUPPLY

The short-run aggregate supply curve, or SRAS curve, has similarities to, but differences from, the standard market supply curve. Both are positively sloped. Both relate price and quantity. However, the market supply curve is positively sloped due to the law of diminishing marginal returns and the short-run aggregate supply curve is positively-sloped due to inflexible prices, the pool of natural unemployment, and imbalances in real resource prices.

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Today, you are likely to spend a great deal of time driving to a factory outlet seeking to buy either a wall poster commemorating next Thursday or a pair of gray heavy duty boot socks. Be on the lookout for crowded shopping malls.
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Three-forths of the gold mined each year is used to manufacture jewelry.
"We must be willing to let go of the life we have planned, so as to have the life that is waiting for us. "

-- E. M. Forster, writer

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