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SECOND ESTATE: In past centuries, this included kings, queens, dukes and others of the ruling elite. In modern times, this includes business leaders who have extensive ownership of and control over resources, especially capital, entrepreneurship, and land.

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Lesson 14: Aggregate Supply | Unit 3: The Curves Page: 10 of 20

Topic: Market Supply <=PAGE BACK | PAGE NEXT=>

While the market supply curve and the short-run aggregate supply curve look similar, there are important differences.
  • The price and quantity for the short-run aggregate supply curve are the price level and real production, not the price and quantity of a specific good.
  • The positive slope of the short-run aggregate supply curve is based on rigid wages, tapping into frictional, and structural unemployment, and misperceptions about real wages. The slope of the market supply curve is based on increasing opportunity cost.
  • The short-run aggregate supply curve is not just the aggregation of all market supply curves in the economy.

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SAVING-INVESTMENT MODEL

A variation of the Keynesian injections-leakages model that includes the two private sectors, the household sector and the business sector. This variation, more formally termed the two-sector injections-leakages model, captures the interaction between induced saving (and indirectly induced consumption expenditures) and autonomous investment expenditures. This model provides an alternative to the two-sector aggregate expenditures (Keynesian cross) analysis of the macroeconomy, including equilibrium, disequilibrium, and the multiplier. Equilibrium is identified as the intersection between the saving line and the investment line. Two related variations are the three-sector injections-leakages model and the four-sector injections-leakages model.

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Today, you are likely to spend a great deal of time at a garage sale seeking to buy either decorative garden figurines or a wall poster commemorating last Friday (you know why). Be on the lookout for strangers with large satchels of used undergarments.
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More money is spent on gardening than on any other hobby.
"When you play, play hard; when you work, don't play at all. "

-- Theodore Roosevelt, 26th US president

GDI
Gross Domestic Income
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