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LRAS: The abbreviation of long-run aggregate supply, which is the total (or aggregate) real production of final goods and services available in the domestic economy at a range of price levels, during a period of time in which all prices, especially wages, are flexible, and have achieved their equilibrium levels. Long-run aggregate supply (LRAS) is one of two aggregate supply alternatives, distinguished by the degree of price flexibility; the other is short-run aggregate supply (SRAS).

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Lesson 4: Production Possibilities | Unit 3: The Curve Page: 10 of 24

Topic: Connecting Points <=PAGE BACK | PAGE NEXT=>

Like a constellation in the sky, we will find it convenient to outline an 'image' by connecting the individual points.
  • Connecting our 11 points lets us include other options. These are only 11 of many possibilities.
  • The curve we get is the production possibilities curve. It's also termed the production possibilities frontier for reasons that will become clear as we continue this lesson.
  • Note that the curve is flat at the top and steep at the bottom.

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INSTITUTION

An established method or way of performing an activity that is widely accepted throughout society. Institutions provide the rules, guidelines, and structure needed to carry out day-to-day economic activities, such as production, consumption, and exchange.

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APLS

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[What's This?]

Today, you are likely to spend a great deal of time searching the newspaper want ads trying to buy either income tax software or a how-to book on the art of negotiation. Be on the lookout for infected paper cuts.
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A half gallon milk jug holds about $50 in pennies.
"The vacuum created by failure to communicate will quickly be filled with rumor, misrepresentations, drivel and poison. "

-- C. Northcote Parkinson, historian

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Reciprocal Trade Agreement
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