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AD: The abbreviation for aggregate demand, which is the total (or aggregate) real expenditures on final goods and services produced in the domestic economy that buyers would willing and able to make at different price levels, during a given time period (usually a year). Aggregate demand (AD) is one half of the aggregate market analysis; the other half is aggregate supply. Aggregate demand, relates the economy's price level, measured by the GDP price deflator, and aggregate expenditures on domestic production, measured by real gross domestic product. The aggregate expenditures are consumption, investment, government purchases, and net exports made by the four macroeconomic sectors (household, business, government, and foreign).
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Lesson Contents
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Unit 1: Selling Basics |
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Unit 2: Law of Supply |
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Unit 3: Supply Curve |
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Unit 4: Determinants |
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Unit 5: Scarcity | |
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Market Supply
This supply lesson provides an introduction, not only into Stuffed Amigo selling behavior, but into selling a wide range of other goods, even goods that aren't cute and cuddly. In fact, this supply topic does more than offer insight into selling behavior. It's also the second half of the market analysis -- the first half being demand. And to reiterate what I noted during the demand lesson, market analysis is one of the most widely used tools in the study of economics for explaining a lot of economic phenomenon. Of course to use markets, we now need to consider supply. - The first unit of this lesson, Selling Basics, introduces the basic concept of supply and a few related terms such as supply price and quantity supplied.
- In the second unit, Law of Supply, we move into a discussion of the law of supply, which captures the basic relation between supply price and quantity supplied.
- The third unit, Supply Curve, then develops the supply curve, which is the graphical embodiment of the supply concept.
- Moving onto the fourth unit, Determinants, we examine how the five basic supply determinants cause the supply curve to shift from one location to another.
- And in the fifth and final unit, Scarcity, we make a connection between supply and the limited resources part of scarcity.
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INCREASING-COST INDUSTRY A perfectly competitive industry with a positively-sloped long-run industry supply curve that results because expansion of the industry causes higher production cost and resource prices. An increasing-cost industry occurs because the entry of new firms, prompted by an increase in demand, causes the long-run average cost curve of each firm to shift upward, which increases the minimum efficient scale of production.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time looking for a downtown retail store seeking to buy either a printer that works with your stockpile of ink cartridges or income tax software. Be on the lookout for gnomes hiding in cypress trees.
Your Complete Scope
This isn't me! What am I?
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North Carolina supplied all the domestic gold coined for currency by the U.S. Mint in Philadelphia until 1828.
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"Defeat is simply a signal to press onward." -- Helen Keller, lecturer, author
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FDI
Foreign Direct Investment
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