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AD-AS MODEL: 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 4: Production Possibilities | Unit 4: Analysis Page: 15 of 24

Topic: Unemployment <=PAGE BACK | PAGE NEXT=>

We can use production possibilities to illustrate unemployment, too.
  • Unemployment is the condition that exists when some available resources are NOT engaged in the production of goods and services.
  • Unemployment is interpreted as any bundle that places the economy INSIDE the production possibilities curve.
  • With unemployment we don't get as much production as with full employment.
  • Unemployment is as any bundle, such as L, inside the curve.
  • M is not attainable.
  • Unemployment applies to all types of resources.

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PHYSICAL WEALTH, AGGREGATE DEMAND DETERMINANT

One of several specific aggregate demand determinants assumed constant when the aggregate demand curve is constructed, and that shifts the aggregate demand curve when it changes. An increase in the physical wealth causes a decrease (leftward shift) of the aggregate curve. A decrease in the physical wealth causes an increase (rightward shift) of the aggregate curve. Other notable aggregate demand determinants include interest rates, federal deficit, inflationary expectations, and the money supply.

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Today, you are likely to spend a great deal of time browsing through a long list of dot com websites trying to buy either a flower arrangement with a lot of roses for your grandmother or a wall poster commemorating the first day of winter. Be on the lookout for neighborhood pets, especially belligerent parrots.
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A half gallon milk jug holds about $50 in pennies.
"Learn to enjoy every minute of your life. Be happy now. Don't wait for something outside of yourself to make you happy in the future. Think how really precious is the time you have to spend, whether it's at work or with your family. Every minuteshould be enjoyed and savored."

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