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DIFFERENTIATED: A targeting strategy in which the company develops two or more marketing mixes to satisfy the needs of multiple segments of the market. Each mix focuses on a specific segment. Sometimes this happens after a firm has used a concentrated strategy in one market and then expands into a new market.
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Lesson 14: Aggregate Supply | Unit 4: Determinants
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Page: 17 of 20
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- The rather stable, passive nature of the supply side of the aggregate market--at least when compared to the demand side.
- How aggregate supply determinants shift the LRAS and SRAS curves, with an increase in aggregate supply moving rightward and a decrease moving leftward.
- How the LRAS curve shifts from changes in full employment production resulting from changes in the quantity or quality of scarce resources.
- Some of the ways that quantities of labor, capital, land, and entrepreneurship can change.
- How resource quality is primarily changed through technology and education.
- Production cost--especially things like wages and oil prices--as the primary determinant of the SRAS curve.
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LONG RUN, MACROECONOMICS In terms of the macroeconomic analysis of the aggregate market, a period of time in which all prices, especially wages, are flexible, and are able to achieve equilibrium levels. This is one of two macroeconomic time designations; the other is the short run. Long-run wage and price flexibility means that ALL markets, including resource markets and most notably labor markets, are in equilibrium, with neither surpluses nor shortages. Wage and price flexibility and the resulting resource market equilibria are the reason for the vertical long-run aggregate supply curve.
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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time wandering around the shopping mall seeking to buy either storage boxes for your computer software CDs or a set of tires. 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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Al Capone's business card said he was a used furniture dealer.
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"Experience keeps a dear school, but fools will learn in no other. " -- Benjamin Franklin
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ICTB
International Customs Tariffs Bureau
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