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INDUSTRY: A collection of firms that produce similar products sold in the same market. The concept of industry is most often used synonymously with market in most microeconomic analysis. That is, the study of perfect competition or oligopoly is not only the study of market structures, but also the study of industrial structure.
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Lesson 14: Aggregate Supply | Unit 4: Determinants
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Page: 16 of 20
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Topic:
Short Run Supply
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The short-run aggregate supply (SRAS) curve is related to the price level, and this relation depends on production cost.- An increase in production cost decreases aggregate supply and shifts the SRAS leftward.
- A decrease in production cost increases aggregate supply and shifts the SRAS rightward.
Key production cost changes:- Wages: Wages shift the SRAS from adjustments in workers perceptions of the current price level and expectations about future prices.
- Material Cost: Key economy-wide resources, like oil, can cause the SRAS to shift through big changes in price.
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ABILITY-TO-PAY PRINCIPLE A taxation principle stating that taxes should be based on the ability to pay taxes. The ability-to-pay principle works from the proposition that those who have the greatest income should pay the most taxes. The ability-to-pay principle is the only reasonable way to finance the provision of public goods such as national defense, public health, and environmental quality. This is one of two taxation principles. The other is the benefit principle, which states taxes should be based on the benefits received.
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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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This isn't me! What am I?
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It's estimated that the U.S. economy has about $20 million of counterfeit currency in circulation, less than 0.001 perecent of the total legal currency.
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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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QLR
Quasi-Likelihood Ratio
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