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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.
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 Lesson 10: Gross Domestic Product | Unit 1: Measuring Production Page: 2 of 25

 Topic: Total Market Value <=PAGE BACK | PAGE NEXT=>

Let's highlight the phrase 'total market value' in this definition of GDP.

First, total. GDP seeks to measure ALL production of goods and services in the economy.

Second, market value. Market prices indicate the value of goods. We measure the total value of production by multiplying the quantity produced and traded through markets by market prices. GDP is the aggregation of the market value of all goods.

• Market transactions provide an excellent source of information that can be used for calculating GDP.
• Dollars (market prices) provide a common denominator for aggregating different goods.

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INSURANCE

A service that transfers the risk of loss from an individual to a larger group. The larger group is typically represented by an insurance provider, either a private for-profit company or a government agency. The insurance provider can assume the risk through risk pooling. Risk averse people, who are willing to pay a premium to avoid risk, are the ones most inclined to purchase insurance. The risk averse individual agrees to incur a small guaranteed loss (the premium) but avoids incurring a less likely, but much bigger, loss.

 BLUE PLACIDOLA[What's This?] Today, you are likely to spend a great deal of time calling an endless list of 800 numbers looking to buy either a rim for your spare tire or decorative celebrity figurines. Be on the lookout for fairy dust that tastes like salt.Your Complete Scope
 The Dow Jones family of stock market price indexes began with a simple average of 11 stock prices in 1884.
 "Man is born to live, not to prepare for life. "-- Boris Pasternak, writer
 APECAsia-Pacific Economic Co-operation
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