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February 14, 2025 

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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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AXIOM:

A basic precondition or assumption underlying a theory. Axioms are basic, unverifiable world view assumptions--including personal beliefs, political views, and cultural values--that form the foundation of a theory.
An axiom is a statement or notion that is unprovable, but presumed to be true. Axioms cannot be verified directly with real world data, and as such are largely accepted on faith. They comprise the world view of a scientific theory. Many axioms reflect religious beliefs, political ideologies, and views about the basic nature of humanity and the universe. Belief in a supreme, omnipotent, omniscience being is one such axiom. The notion that people are basically good (or bad) is another. The presumption that the universe abides by cause-and-effect relations is a key axiom for all of science.

While axioms cannot be verified directly with real world data, as is the case for hypotheses, they can be "checked" indirectly. Suppose, for example, dozens of theories that employ the same axiom generate hundreds of hypotheses that are refuted by real world data. The problem might rest with this axiom. If this axiom is then replaced with an alternative, and the subsequent hypotheses are supported by data, then the validity of the original axiom is even more suspect.

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AXIOM, AmosWEB Encyclonomic WEB*pedia, http://www.AmosWEB.com, AmosWEB LLC, 2000-2025. [Accessed: February 14, 2025].


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