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RECESSION: The common term used for the contraction phase of the business cycle. A general period of declining economic activity. During a recession, real gross domestic product declines by 10 percent or so and the unemployment rate rises from it's full employment 5 percent level up to the 6 to 10 percent range. Inflation tends to be low or non-existent during a recession. Recession last anywhere from six to eighteen months, with one year being common.
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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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TOTAL REVENUE CURVE, MONOPOLISTIC COMPETITION A curve that graphically represents the relation between the total revenue received by a monopolistically competitive firm for selling its output and the quantity of output sold. It is combined with the total cost curve to determine economic profit and the profit maximizing level of production. The slope of the total revenue curve is marginal revenue.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club seeking to buy either a package of blank rewritable CDs or yellow cotton balls. Be on the lookout for poorly written technical manuals.
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Post WWI induced hyperinflation in German in the early 1900s raised prices by 726 million times from 1918 to 1923.
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"We succeed in enterprises (that) demand the positive qualities we possess, but we excel in those (that) can also make use of our defects." -- Alexis de Tocqueville, Statesman
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AFA
Advertising Federation of America
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