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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 12: Business Cycles | Unit 4: Causes
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Page: 21 of 26
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Here's how the political business cycle would work:- First: Elected leaders start promoting an expansion 2 to 3 years before an election.
- Second: One means of inducing an expansion is fiscal policy, with lower taxes and more spending.
- Third: The economy expands, voters are happy, leaders are re-elected. But the expansion causes problems, such as inflation or budget deficits.
- Fourth: These problems are solved with a contraction after the election, which ends in time for the next pre-election expansion.
- Fifth: With major elections every 4 years, many leaders have a vested interest making this happen.
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ELASTICITY AND SUPPLY INTERCEPT The intersection of a straight-line supply curve with vertical price axis and/or horizontal quantity axis reveals the relative price elasticity of supply. Intersection with the horizontal quantity axis means inelastic and intersection with the vertical price axis means elastic. Intersection with the origin means unit elastic supply.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors trying to buy either a pair of leather sandals that won't cause blisters or clothing for your kitty cats. Be on the lookout for attractive cable television service repair people.
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In 1914, Ford paid workers who were age 22 or older $5 per day -- double the average wage offered by other car factories.
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"Inside the ring or out, ain't nothing wrong with going down. It's staying down that's wrong. " -- Muhammad Ali
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WPO
Weakly Pareto Optimal
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