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LRAS CURVE: The abbreviation of long-run aggregate supply, which is the long-run relation between real production and the price level, holding all ceteris paribus aggregate supply determinants constant. The LRAS curve is one of two curves that graphical capture the supply-side of the aggregate market; the other is the short-run aggregate supply curve (SRAS). The demand-side of the aggregate market is occupied by the aggregate demand curve. The vertical LRAS curve captures the independent relation between real production and the price level that exists in the long run.

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Lesson 17: Money | Unit 4: Money's History Page: 22 of 25

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  • Barter lets resources specialize in production and that with barter trades, people can access a wider variety of goods than they could produce on their own.
  • That commodity money has value in use and value in trade and that the value in use dictates value in trade.
  • That metals are a natural for use as a commodity money and that their most important characteristic is durability.
  • That fiat money has little or no value in use compared to value in exchange.
  • That electronic money fits two of the four characteristics of money: it is easy to transport and completely divisible, but it raises questions about being counterfeitable and durable.

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CURRENT PRODUCTION

The production of final goods and services that takes place during a given time period. The emphasis here is on time period, especially the CURRENT time period. The macroeconomy's prime measure of current production is gross domestic product. Current production is best contrasted with transactions for past production and future production, both of which are excluded from gross domestic product.

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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 looking to buy either a set of steel-belted radial snow tires or a wall poster commemorating the 2000 Presidential election. Be on the lookout for crowded shopping malls.
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More money is spent on gardening than on any other hobby.
"Man is born to live, not to prepare for life. "

-- Boris Pasternak, writer

CME
Chicago Mercantile Exchange
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