Google
Saturday 
October 24, 2020 

AmosWEB means Economics with a Touch of Whimsy!

AmosWEBWEB*pediaGLOSS*aramaECON*worldCLASS*portalQUIZ*tasticPED GuideXtra CrediteTutorA*PLS
AGGREGATE SUPPLY SHIFTS: Changes in the aggregate supply determinants can shift either the short-run aggregate supply curve and the long-run aggregate supply curve. The mechanism is comparable to that for market supply determinants and market supply. We have two options -- an increase in aggregate supply and a decrease in aggregate supply. An increase in resource quantity or quality or a decrease in resource prices shift the aggregate supply curves to right. A decrease in resource quantity or quality or an increase in resource prices shift the aggregate supply curves to left.

Visit the GLOSS*arama

Most Viewed (Number) Visit the WEB*pedia

COMPARATIVE ADVANTAGE: The ability to produced one good at a relatively lower opportunity cost than other goods. While pointy-headed economists developed this idea for nations, it's extremely important for people. A comparative advantage means that no matter how good (or bad) you are at producing stuff, there's always something that you're best (or least worst) at doing. Moreover, because you can produce this one thing by giving up less than what others give up, you can sell it or trade it to them. This idea of comparative advantage means that people and nations can benefit by specialization and exchange. You do what you do best, then trade to someone else for what they do best. Both sides in this trade get more and are thus better off after than before.

     See also | foreign trade | export | import | opportunity cost | specialization | absolute advantage | foreign sector | exchange |


Recommended Citation:

COMPARATIVE ADVANTAGE, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2020. [Accessed: October 24, 2020].


AmosWEB Encyclonomic WEB*pedia:

Additional information on this term can be found at:

WEB*pedia: comparative advantage

Search Again?

Back to the GLOSS*arama

EQUILIBRIUM

A state that exists when opposing forces are in balance, with each force exactly offsetting the other, such that there is no inherent tendency for change. Once achieved, an equilibrium persists unless or until it is disrupted by an outside force. The notion of equilibrium is an essential feature in most economic models, such as the market model.

Complete Entry | Visit the WEB*pedia


APLS

BLACK DISMALAPOD
[What's This?]

Today, you are likely to spend a great deal of time watching the shopping channel trying to buy either a cross-cut paper shredder or a birthday greeting card for your father. Be on the lookout for the last item on a shelf.
Your Complete Scope

This isn't me! What am I?

The earliest known use of paper currency was about 1270 in China during the rule of Kubla Khan.
"We work to become, not to acquire. "

-- Elbert Hubbard, editor

DVP
Discounted Present Value
A PEDestrian's Guide
Xtra Credit
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.

User Feedback



| AmosWEB | WEB*pedia | GLOSS*arama | ECON*world | CLASS*portal | QUIZ*tastic | PED Guide | Xtra Credit | eTutor | A*PLS |
| About Us | Terms of Use | Privacy Statement |

Thanks for visiting AmosWEB
Copyright ©2000-2020 AmosWEB*LLC
Send comments or questions to: WebMaster