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GOLD CERTIFICATE: Paper currency issued by the U. S. Treasury from the civil war until 1933 that could be exchanged for an equal value of gold. Gold certificates were used as part of a gold standard. With the exception of collectors, gold certificates have long been out of circulation, replaced first by silver certificates, then in the past few decades by Federal Reserve notes.

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Lesson 14: Production | Unit 4: Long-Run Production Page: 19 of 25

Topic: Increasing Returns To Scale <=PAGE BACK | PAGE NEXT=>

  • Increasing returns to scale:

  • Increasing returns to scale result when a given proportional increase in all inputs results in a greater than proportional increase in production.
  • Three primary reasons why long-run production experiences increasing returns to scale:

    • Resource Specialization

    • Support Activities

    • Volume and Area

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AGGREGATE SUPPLY INCREASE, SHORT-RUN AGGREGATE MARKET

A shock to the short-run aggregate market caused by an increase in aggregate supply, resulting in and illustrated by a rightward shift of the short-run aggregate supply curve. An increase in aggregate supply in the short-run aggregate market results in a decrease in the price level and an increase in real production. The level of real production resulting from the shock can be greater or less than full-employment real production.

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Today, you are likely to spend a great deal of time at an auction seeking to buy either a bookshelf that will fit in your closet or a birthday greeting card for your grandfather. Be on the lookout for slightly overweight pizza delivery guys.
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Three-forths of the gold mined each year is used to manufacture jewelry.
"All things are difficult before they are easy."

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