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January 21, 2019 

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CHANGE IN AGGREGATE SUPPLY: A shift of the short-run or long-run aggregate supply curve caused by a change in one of the aggregate supply determinants. In essence, a change in aggregate supply is caused by any factor affecting supply EXCEPT the price level. This concept should be contrasted directly with a change in real production. You might also want to review the terms change in quantity supplied and change in supply, as well. The change in aggregate supply is comparable to the change in market supply. A change in aggregate supply is a change in ALL price level-real production combinations, meaning that each price level is matched up with a different level of real production (which is then illustrated as a shift of the short-run or long-run aggregate supply curve). This change in aggregate supply is caused by a change in any of the aggregate supply determinants. In contrast, a change in real production is a change from one price level-real production combination to the another.

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PRESENT VALUE: The amount of money today that, after interest is added, would have the same value as an amount some time in the future. For example, $100 today, given a 10 percent interest rate, would have a value of $110 in one year ($100 plus $10 in interest). Conversely, $110 in one year, given a 10 percent interest rate, would be equivalent to $100 today. The process of translating a future payment into its present value, such an amount to be received when a bond reaches its date of maturity, is often termed discounting.

     See also | value | bond | maturity | financial asset | discount |


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PRESENT VALUE, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2019. [Accessed: January 21, 2019].


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ASYMMETRIC INFORMATION

Information is not equally available to everyone. Asymmetric information results because efficient information search inevitably stops short of compete information. Some people obtain more benefits from information than others, are willing to incur higher search costs, and thus end up knowing more. Or they incur lower information search costs and have easier access to the information. In a market, sellers tend to have more information about the good than buyers. Asymmetric information gives rise to adverse selection, moral hazard, and the principal-agent problem. These problems can be lessened through signalling and screening.

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