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AS: The abbreviaion for aggregate supply, which is the total (or aggregate) real production of final goods and services available in the domestic economy at a range of price levels, during a given time period. Aggregate supply (AS) is one half of the aggregate market analysis; the other half is aggregate demand. Aggregate supply, relates the economy's price level, measured by the GDP price deflator, and aggregate domestic production, measured by real gross domestic product. The aggregate supply relation is generally separated into long-run aggregate supply, in which all prices and wages and flexible and all markets are in equilibrium, and short-run aggregate supply, in which some prices and wage are NOT flexible and some markets are NOT in equilibrium.

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Lesson 14: Production | Unit 4: Long-Run Production Page: 17 of 25

Topic: Making Plans <=PAGE BACK | PAGE NEXT=>

  • An important notion:

  • Most firms operate in the short run and long run simultaneously.
  • Firms engage in day-to-day production activities -- combining inputs to produce output guided by short-run production principles, especially the law of diminishing marginal returns.

  • However, at the same time they are making plans to change any fixed inputs, plans that take time to implement.

  • For this reason, the long run is often termed the planning period or planning horizon.

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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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APLS

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Today, you are likely to spend a great deal of time searching the newspaper want ads hoping to buy either income tax software or a how-to book on the art of negotiation. Be on the lookout for poorly written technical manuals.
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Two and a half gallons of oil are needed to produce one automobile tire.
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GNP
Gross National Product
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