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SIGNALLING: The use of low-cost, easy to obtain information about a product or commodity to indicate the quality of a product. Signalling occurs when buyers use features of a commodity or actions by the seller to indicate overall product quality. These signals can be either intended or unintended.
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Lesson 14: Aggregate Supply | Unit 4: Determinants
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Page: 15 of 20
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Topic:
Quality of Resources
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Resource quality tends to change slowly and gradually. We seldom see big jumps in these long run aggregate supply determinants. Two ways to improve resource quality: - Technology: The information about production techniques. It generally moves forward, so that aggregate supply increases. Technology primarily affects capital and land.
- Education: Transferring information, knowledge, and training to people. It also generally moves forward, increasing aggregate supply. Education is most important for labor.
Resource quality generally increases, but it can decrease in unusual circumstances.
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NET-EXPORT EFFECT A change in aggregate expenditures on real production, especially net exports from the foreign sector, that results because a change in the price level alters the relative prices of exports and imports. The net-export effect, also termed the international-substitution effect, is one of three effects underlying the negative slope of the aggregate demand curve associated with a movement along the aggregate demand curve and a change in aggregate expenditures. The other two are real-balance effect and interest-rate effect. The net-export effect is somewhat analogous to the substitution effect underlying the negative slope of the market demand curve.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time wandering around the downtown area looking to buy either a pair of leather sandals that won't cause blisters or clothing for your kitty cats. Be on the lookout for small children selling products door-to-door.
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Junk bonds are so called because they have a better than 50% chance of default, carrying a Standard & Poor's rating of CC or lower.
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"Far and away the best prize that life has to offer is the chance to work hard at work worth doing." -- Theodore Roosevelt, 26th US president
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GDP
Gross Domestic Product
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