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AD-AS ANALYSIS: An economic model relating the price level and real production that is used to analyze business cycles, gross domestic product, unemployment, inflation, stabilization policies, and related macroeconomic phenomena. The AS-AD model, inspired by the standard market model, captures the interaction between aggregate demand (the buyers) and short-run and long-run aggregate supply (the sellers).

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Lesson 11: Elasticity Basics | Unit 2: A Little More Page: 9 of 25

Topic: Why Study: Price Controls <=PAGE BACK | PAGE NEXT=>

  • Price controls take one of two forms -- price ceiling and price floor:

  • A price ceiling is a legally mandated maximum price imposed on a market. Buyers and sellers are prevented from exchanging the good at any price above the legal maximum.
  • A price floor is a legally mandated minimum price imposed on a market. Buyers and sellers are prevented from exchanging the good at any price below the legal minimum.
  • Both types of price controls tend to be more effective for inelastic demand and supply

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INCOME EARNED BUT NOT RECEIVED

The three types of income earned but not received (IEBNR) by the factors of production are Social Security taxes, corporate profits taxes, and undistributed corporate profits. IEBNR is subtracted from national income to calculate personal income.

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APLS

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Today, you are likely to spend a great deal of time at a garage sale wanting to buy either a combination CD player, clock radio, and telephone (with answering machine) or a revolving spice rack. Be on the lookout for neighborhood pets, especially belligerent parrots.
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One of the largest markets for gold in the United States is the manufacturing of class rings.
"The vacuum created by failure to communicate will quickly be filled with rumor, misrepresentations, drivel and poison. "

-- C. Northcote Parkinson, historian

AVC
Average Variable Cost
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