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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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DEMAND ELASTICITY AND TOTAL EXPENDITURE The notion that price-induced changes in total expenditure (price times quantity) depend on the relative price elasticity of demand. If demand is relatively elastic, then changes in price cause total expenditure to change in the opposite direction. If demand is relatively inelastic, then changes in price cause total expenditure to change in the same direction. If demand is unit elastic, then changes in price do not cause any change in total expenditure.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time flipping through the yellow pages trying to buy either a how-to book on fixing your computer, with illustrations or several magazines on computer software. Be on the lookout for telephone calls from long-lost relatives.
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This isn't me! What am I?
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Before 1933, the U.S. dime was legal as payment only in transactions of $10 or less.
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"The secret of a good memory is attention, and attention to a subject depends upon our interest in it. We rarely forget that which has made a deep impression on our minds. " -- Tyron Edwards, theologian
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GATS
General Agreement on Trade in Services
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