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BRAND EQUITY: The intrinsic value a brand has in the market place. This value is developed over a period of time and because a brand is widely recognized. There is an amount of business that is repeatedly generated due to brand alone. Brand equity is achieved based on brand recognition, brand loyalty and perceived product quality. BMW has developed an image of high product quality and performance which in turn has created a high brand equity.

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Lesson 16: Aggregate Shocks | Unit 4: Complex Shifts Page: 18 of 21

Topic: SRAS Decrease <=PAGE BACK | PAGE NEXT=>

The case of an decrease in the SRAS curve. Again we start at long-run equilibrium, Po and Qf.
  • With a leftward shift of the SRAS curve, the aggregate market achieves short-run equilibrium at a higher price level and less real production.
  • The labor market imbalance causes wages and production cost to fall. The SRAS shifts rightward, returning to its original position. The price level and real production return to full employment levels.
From long run to long run, nothing changed. But before the long-run adjustment, we have less production at higher prices.

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REAL GROSS DOMESTIC PRODUCT

The total market value, measured in constant prices, of all goods and services produced within the political boundaries of an economy during a given period of time, usually one year. The key is that real gross domestic product is measured in constant prices, the prices for a specific base year. Real gross domestic product, also termed constant gross domestic product, adjusts gross domestic product for inflation. A contrasting measure is nominal gross domestic product, which does not adjust for inflation.

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Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors wanting to buy either yellow cotton balls or a set of steel-belted radial snow tires. Be on the lookout for the happiest person in the room.
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The penny is the only coin minted by the U.S. government in which the "face" on the head looks to the right. All others face left.
"When you play, play hard; when you work, don't play at all. "

-- Theodore Roosevelt, 26th US president

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