LIVING STANDARD: In principle, an economy's ability to produce the goods and services that consumers use to satisfy their wants and needs. In practice, it is the average real gross domestic product per person--usually given the name per capita real GDP.

     See also | economic development | economic growth | real gross domestic product | cost of living |

LIVING STANDARD, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2026. [Accessed: July 22, 2026].

Back to the GLOSS*arama

A decrease in the willingness and ability of sellers to sell a good at the existing price, illustrated by a leftward shift of the supply curve. A decrease in supply is caused by a change in a supply determinant and results in a decrease in equilibrium quantity and an increase in equilibrium price. A supply decrease is one of two supply shocks to the market. The other is a supply increase.

Complete Entry | Visit the WEB*pedia

Today, you are likely to spend a great deal of time searching the newspaper want ads seeking to buy either clothing for your kitty cats or a set of luggage without wheels. Be on the lookout for strangers with large satchels of used undergarments.
Your Complete Scope

This isn't me! What am I?

-- Henry Ford, automaker

User Feedback