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POLICIES: Government actions designed to affect economic activity and pursue one or more economic goals. Also called government or economic policies. The four common types of policies are: fiscal, monetary, regulatory, and judicial.

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SHORT-RUN AGGREGATE SUPPLY CURVE: A graphical representation of the short-run relation between real production and the price level, holding all ceteris paribus aggregate supply determinants constant. The short-run aggregate supply, or SRAS, curve is one of two curves that graphical capture the supply-side of the aggregate market; the other is the long-run aggregate supply curve (LRAS). The demand-side of the aggregate market is occupied by the aggregate demand curve. The positive slope of the SRAS curve captures the direct relation between real production and the price level that exists in the short run.

     See also | short-run aggregate market | short-run aggregate supply | curve | inflexible prices | price level | real production | short run | short-run equilibrium | full employment | unemployment | overemployment | long-run aggregate supply curve | aggregate demand curve |


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TWO-SECTOR, TWO-MARKET CIRCULAR FLOW

A simple circular flow model of the macroeconomy containing two sectors (business and household) and two markets (product and factor) that illustrates the continuous movement of the payments for goods and services between producers and consumers. The payment flow between the two sectors and two markets is conveniently divided into four segments representing consumption expenditures, gross domestic product, factor payments, and national income. More advanced models containing additional flow segments are two-sector, three-market circular flow; three-sector, three-market circular flow; and four-sector, three-market circular flow.

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