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TECHNOLOGY, AGGREGATE SUPPLY DETERMINANT: One of several specific aggregate supply determinants assumed constant when the short-run and long-run aggregate supply curves are constructed, and that shifts both aggregate supply curves when it changes. An increase in technology causes an increase (rightward shift) of both aggregate supply curves. A decrease in technology causes a decrease (leftward shift) of both aggregate supply curves. Other notable aggregate supply determinants include wages, energy prices, and the capital stock. Technology comes under the resource quality aggregate supply determinant.
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SUPPLY SHOCK A disruption of market equilibrium caused by a change in a supply determinant and a shift of the supply curve. A supply shock can take one of two forms--a supply increase or a supply decrease. This is one of two disruptions of the market. The other is a demand shock.
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BROWN PRAGMATOX
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Today, you are likely to spend a great deal of time searching for a specialty store trying to buy either a New York Yankees baseball cap or a solid oak entertainment center. Be on the lookout for a thesaurus filled with typos.
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Three-forths of the gold mined each year is used to manufacture jewelry.
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"The human race has only one really effective weapon and that is laughter." -- Mark Twain
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JHR
Journal of Human Resources
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