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TRADING BLOC: A group of countries that are economically intertwined, share some common cultural background, are located close together, and coordinate their foreign trade policies. There are three trading blocs of note, North America, Europe, and Asia, although other portions of the globe aspire to this status. The North American bloc centers around the good old U. S. of A. with Canada and Mexico playing increasingly important roles. The European bloc contains most of the Western Europe with leading roles played by Germany, Britain, and France. Japan is the center of the Asian bloc that includes Korea, Taiwan, Hong Kong, Malaysia, and several others.
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Lesson 14: Aggregate Supply | Unit 4: Determinants
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Page: 12 of 20
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The shifts in the aggregate supply curves are usually small, steady, and readily expected.- The supply-side of the aggregate market is usually the perfect picture of stability.
- Most of economy's instability result from instability on the demand side of the aggregate market.
- Shifts of the aggregate supply curve are due to ceteris paribus determinants.
- The supply determinants are things, other than the price level, that affect aggregate supply.
Both, short-run aggregate supply and long-run aggregate supply curves, can increase or decrease.In both, long run and shot run: - An increase shifts the aggregate supply curve to right.
- It means that producers are willing and able to offer more real production for sale at any and all price levels.
- A decrease shifts the aggregate supply curve to left.
- It means that producers are willing and able to offer less real production for sale at any and all price levels.
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AGGREGATE DEMAND SHIFTS Changes in the aggregate demand determinants cause the aggregate demand curve to shift. The mechanism is comparable to that for market demand determinants and market demand. There are two alternatives--an increase in aggregate demand and a decrease in aggregate demand. An increase in spending by any of the four sectors--household, business, government, and foreign--shifts the aggregate demand curve to right. A decrease in spending by these four sectors shifts the aggregate demand curve to left.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time at a dollar discount store looking to buy either a remote controlled World War I bi-plane or a wall poster commemorating Thor Heyerdahl's Pacific crossing aboard the Kon-Tiki. Be on the lookout for infected paper cuts.
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This isn't me! What am I?
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Al Capone's business card said he was a used furniture dealer.
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"Sometimes when you innovate, you make mistakes. It is best to admit them quickly and get on with improving your other innovations. " -- Steve Jobs, Apple Computer founder
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AGI
Adjusted Gross Income
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