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SAVING-INVESTMENT MODEL: A model used to identify equilibrium in Keynesian economics based on injections (investment, I) and leakages (saving, S) for the two basic sectors (household and business). Equilibrium is achieved at the intersection of the saving line, S, and the investment line, I.

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Lesson 14: Aggregate Supply | Unit 3: The Curves Page: 8 of 20

Topic: Long Run <=PAGE BACK | PAGE NEXT=>

The long-run aggregate supply (LRAS) curve captures the relationship between the price level and the aggregate supply of real production in the long run.
  • GDP deflator, the price level, is measured on the vertical axis. Real GDP, the real production, is measured on the horizontal axis.
Highlights:
  • The LRAS is a straight, vertical line.
  • The price level does not affect the aggregate supply of real production.
  • The supply is real production given that all resources are fully employed.
  • Flexible prices ensures that full employment production is maintained, in the long run.

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RECESSION

A phase of the business cycle characterized by a general period of declining economic activity. A recession is one of two basic business cycle phases. The other is expansion. The transition from recession to expansion is termed a trough and the transition from expansion to recession is termed a peak. The technical term for recession, which is generally used by economists and policy makers, is contraction.

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BEIGE MUNDORTLE
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Today, you are likely to spend a great deal of time browsing through a long list of dot com websites wanting to buy either a birthday greeting card for your father or a T-shirt commemorating the first day of spring. Be on the lookout for vindictive digital clocks with revenge on their minds.
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Woodrow Wilson's portrait adorned the $100,000 bill that was removed from circulation in 1929. Woodrow Wilson was removed from circulation in 1924.
"When you play, play hard; when you work, don't play at all. "

-- Theodore Roosevelt, 26th US president

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Weak Axiom of Profit Maximization
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