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LRAS: The abbreviation of long-run 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 period of time in which all prices, especially wages, are flexible, and have achieved their equilibrium levels. Long-run aggregate supply (LRAS) is one of two aggregate supply alternatives, distinguished by the degree of price flexibility; the other is short-run aggregate supply (SRAS).
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Lesson 21: Factor Demand | Unit 4: Determinants
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Page: 19 of 24
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Topic:
Factor Productivity
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- The factor demand curve presented in this diagram was derived based on a particular factor productivity.
- Increase In Factor Productivity:
Suppose that the firm replaces all of its old machines with newer, state of the art equipment. - The result is a rightward shift of the factor demand curve.
- Decrease In Factor Productivity: While technology doesn't generally decline, the wear and tear on existing capital equipment can have the same effect as a technological decline.
- The result is a leftward shift of the factor demand curve.
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CONFERENCE BOARD, THE A private, non-profit, global organization established in 1916 that collects and distributes economic data to assist consumers, business leaders, and government policy makers in their economic decisions. The Conference Board is responsible for compiling the leading, coincident, and lagging economic indicators that are used to track business-cycle activity as well as the widely publicized Consumer Confidence Index. The Conference Board also convenes numerous conferences each year that provide forums to discuss and analyze pressing economic issues.
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Three-forths of the gold mined each year is used to manufacture jewelry.
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"There is no passion to be found playing small ‚ in settling for a life that idles than the one you are capable of living." -- Nelson Mandela
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TIAC
Thrift Institutions Advisory Council
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