AmosWEB is Economics: GLOSS*arama

Thursday
November 6, 2025

AmosWEB means Economics with a Touch of Whimsy!

SLOPE, SHORT-RUN AGGREGATE SUPPLY CURVE: The short-run aggregate supply (SRAS) curve has a positive slope, reflecting the direct relation between the price level and aggregate real production. A higher price level is related to more real production and a lower price level is related to less real production. The general reason is similar to that of market supply curves--the opportunity cost of production--three specific reasons can be identified: (1) inflexible resource prices that often makes it easier to reduce aggregate real production and resource employment when the price level falls; (2) the pool of natural unemployment, consisting of frictional and structural unemployment, that can be used temporarily to increase aggregate real production when the price level rises; and (3) imbalances in the purchasing power of resource prices that can temporarily entice resource owners to produce more or less aggregate real production than the would at full employment.

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production stages (592)
marginal product curve (278)
marginal cost and marginal product (260)
total product curve (226)
U-shaped cost curves (204)

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FOR WHOM?: One of three basic questions of allocation (What? and How? are the other two). Answering the "For Whom?" question of allocation determines who receives the goods that society produces with limited resources. Answering the "For Whom" question involves related questions such as, should goods be distributed to people according to incomes and ability to buy (contributive standard), wants and needs (needs standard), political affiliation, or some other criterion (perhaps equality standard)?

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FOR WHOM?, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2025. [Accessed: November 6, 2025].

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TOTAL REVENUE

The revenue received by a firm for the sale of its output. Total revenue is one two bits of information a firm needs to calculate economic profit, the other is total cost. In general, total revenue is the price times quantity--the price received for selling a good times the quantity of the good sold at that price. For a perfectly competitive firm, which receives a single unchanging price for all output sold, the calculation is relatively easy. For other real world firms, that charge different prices to different buyers for different quantities, the calculation can be more complex. Two other revenue measures directly related to total revenue are average revenue and marginal revenue. Total revenue is often depicted as a total revenue curve.

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PINK FADFLY
[What's This?]

Today, you are likely to spend a great deal of time surfing the Internet trying to buy either a lighted magnifying glass or a small, foam rubber football. Be on the lookout for the happiest person in the room.
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This isn't me! What am I?

In the Middle Ages, pepper was used for bartering, and it was often more valuable and stable in value than gold.

"There is no twilight zone of honesty in business. A thing is right or it's wrong. It's black or it's white. "

-- John F. Dodge, automaker

ALAC
Latin American Free Trade Area

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