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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.
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INFLATIONARY GAP The difference between the equilibrium real production achieved in the short-run aggregate market and full-employment real production that occurs when short-run equilibrium real production is more than full-employment real production. An inflationary gap, also termed an expansionary gap, is associated with a business-cycle expansion, especially the latter stages of an expansion. This is one of two alternative output gaps that can occur when short-run equilibrium generates production that differs from full employment. The other is a recessionary gap.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time at a crowded estate auction hoping to buy either a black duffle bag with velcro closures or any book written by Isaac Asimov. Be on the lookout for fairy dust that tastes like salt.
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Rosemary, long associated with remembrance, was worn as wreaths by students in ancient Greece during exams.
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"I do the best I know how, the very best I can, and I mean to keep doing so until the end. " -- Abraham Lincoln, 16th US president
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AFC
Average Fixed Cost
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