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AS-AD MODEL: An economic model relating the price level and real production that is used to analyze business cycles, gross domestic product, unemployment, inflation, stabilization policies, and related macroeconomic phenomena. The AS-AD model, inspired by the standard market model, captures the interaction between aggregate demand (the buyers) and short-run and long-run aggregate supply (the sellers).
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NUMBER OF SELLERS: One of the five supply determinants assumed constant when a supply curve is constructed, and that shift the supply curve when they change. The other four are resource prices, technology, other prices, and sellers' expectations. This determinant is based on the simple observation that if more people are willing and able to sell a good, then supply is greater. See also | supply | supply curve | supply determinants | resource prices | other prices | sellers' expectations | supply shock | supply increase | supply decrease | number of buyers |
Recommended Citation:NUMBER OF SELLERS, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: December 3, 2024].
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ELASTICITY AND DEMAND SLOPE The slope of a straight-line demand curve, one with a constant slope, has constantly changing elasticity. It includes all five elasticity alternatives--perfectly elastic, relatively elastic, unit elastic, relatively inelastic, and perfectly inelastic. No two points on a straight-line demand curve have the same elasticity.
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A thousand years before metal coins were developed, clay tablet "checks" were used as money by the Babylonians.
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"Only great minds can afford a simple style." -- Stendhal, writer
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ATO
At The Opening
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