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CLASSICAL AGGREGATE SUPPLY CURVE: A graphical representation of the classical economic view of the relation between real production and the price level, holding all ceteris paribus aggregate supply determinants constant. The classical aggregate supply curve is a vertical line that reflects the classical view that the macroeconomy has flexible prices and maintains full employment. This aggregate supply is essentially the long-run aggregate supply curve used in modern aggregate market analysis. It should be compared with the Keynesian aggregate supply curve.
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Lesson 18: Banking | Unit 3: Reserve Banking
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Page: 13 of 24
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Banking sort of evolved from the goldsmithing profession. Setting the stage of the story: - It takes place at a time and a place when gold is the economy's commodity money: Medieval Europe.
- Fred is a goldsmith, a craftsman who fashions products from gold.
Fred: - Fred's raw material is also the economy's money.
- Gold input is valuable in use for what Fred creates and also valuable as the medium of exchange.
- Fred must keep his raw material safe and secure.
- Fred has a safe.
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FACTOR SUPPLY CURVE A graphical representation of the relation between the price to a factor of production and quantity of the factor supplied, holding all ceteris paribus factor supply determinants constant. The factor supply curve is one half of the factor market. The other half is the factor demand curve.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time wandering around the shopping mall seeking to buy either a case for your designer sunglasses or arch supports for your shoes. Be on the lookout for defective microphones.
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This isn't me! What am I?
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The standard "debt" notation I.O.U. does not mean "I owe you," but actually stands for "I owe unto..."
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"Man is born to live, not to prepare for life. " -- Boris Pasternak, writer
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RJE
RAND Journal of Economics
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