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RAW MATERIALS: The stuff used in the production of tangible products that become the tangible products. Raw materials, also shorted to just materials, are part of the land category of scarce resources. Space is also part of the land resource category. Another term that works as a synonym for materials is natural resources. Perhaps it's obvious that without materials, there would be no tangible products.
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Lesson 16: Aggregate Shocks | Unit 3: Basic Shifts
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Page: 10 of 21
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Topic:
AD Increase: Short Run
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The short-run equilibrium is given by the intersection of the negatively sloped AD curve and the positively-sloped SRAS.- An increase in AD and results in a new short-run equilibrium.
- At the new equilibrium, both real production and the price level increase.
- Real production can increase above full employment -- in the short run.
- This shift gives us an intermediate point from one long-run equilibrium to another.
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IMPLICIT COST An opportunity cost that does not involve a monetary payment or any other form of compensation. The monetary payment that is often made to compensate the person who initially foregoes the satisfaction is not made for implicit cost. There is no payment to transfer the burden of the opportunity cost from the original person to someone else. Implicit cost is also occasionally termed implicit opportunity cost.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time flipping through the yellow pages trying to buy either a velvet painting of Elvis Presley or a wall poster commemorating yesterday. Be on the lookout for the last item on a shelf.
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This isn't me! What am I?
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Okun's Law posits that the unemployment rate increases by 1% for every 2% gap between real GDP and full-employment real GDP.
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"If anything terrifies me, I must try to conquer it. " -- Francis Charles Chichester, yachtsman, aviator
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WE
Walrasian Equilibrium
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