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  Encyclopedia of Keywords > Society > Economics > Aggregate Supply   Michael Charnine

Keywords and Sections
SHORT-RUN
SUPPLY CURVE
AGGREGATE SUPPLY
OUTPUT
PRICE LEVEL
MODEL
LONG RUN
RUN AGGREGATE
CAPACITY
Review of Short Phrases and Links

    This Review contains major "Aggregate Supply"- related terms, short phrases and links grouped together in the form of Encyclopedia article.

Definitions

  1. The aggregate supply is defined as the relationship between the real quantity supply of final goods and services and the general price level.
  2. Aggregate supply is the total value of the goods and services produced in a country, plus the value of imported goods less the value of exports. (Web site)
  3. Aggregate supply is the economy's overall production of goods and services to meet anticipated demand. (Web site)
  4. Aggregate Supply is one of 51 key economics concepts identified by the National Council on Economic Education (NCEE) for high school classes. (Web site)
  5. Aggregate supply is a reflection of productive capacity, production costs and overall price level, representing the supply side performance of an economy. (Web site)

Supply Curve

  1. The long run aggregate supply curve is a vertical line at the full employment (capacity output) level of real national income (GDP). (Web site)
  2. Sticky prices and or wages allow to a have a non-vertical short run aggregate supply curve.
  3. In the short run the aggregate supply curve is upward sloping because workers have not yet adjusted to real changes in wages.

Aggregate Supply

  1. Medium run aggregate supply (MRAS) - As an interim between SRAS and LRAS, the MRAS form slopes upward and reflects when capital as well as labor can change. (Web site)
  2. D. The multiplier effect is weakened with price level changes in intermediate and vertical ranges of aggregate supply. (Web site)
  3. Figure 7-4 illustrates the aggregate supply curve for an economy that has the same measures as aggregate demand on the horizontal and vertical axis. (Web site)

Output

  1. Fluctuations occurred due to changes in potential output, i.e., changes in aggregate supply.
  2. The Aggregate Supply schedule is no longer vertical, because with price stickiness greater demand calls forth greater output. (Web site)
  3. Strangely, Keynesians leap from aggregate supply and demand curves that relate output and the position of prices to output and the rate of change of prices. (Web site)
  4. Graph the aggregate supply equation, and explain in words the sign of its slope.
  5. For the most part, changes in aggregate supply are independent of the business cycle. (Web site)

Price Level

  1. A decrease in aggregate supply will unambiguously increase the price level and reduce real output.
  2. Aggregate supply Aggregate supply is the relationship between the aggregate quantity of real GDP supplied (produced) and the price level.
  3. III. Aggregate supply is a schedule or curve showing the level of real domestic output available at each possible price level.

Model

  1. In a standard aggregate supply demand model, the output (y) is the x axis and price (P) is the y axis. (Web site)
  2. Classic and Keynesian curve of aggregate supply its derivation from the IS-LM model and effects of fiscal and monetary policy.

Long Run

  1. C. The extended AD-AS makes the distinction between the short run and long run aggregate supply curves. (Web site)
  2. Determinants of aggregate supply C. Macroeconomic equilibrium 1.
  3. In economics, aggregate supply is the total supply of goods and services by a national economy during a specific time period. (Web site)
  4. The labour market and aggregate supply.
  5. NK stress aggregate supply shocks and external AD shocks.

Run Aggregate

  1. This means rising demand encourages investment in new capital machinery which helps sustain economic growth by increasing long run aggregate supply. (Web site)
  2. A. Aggregate supply in the long run (Figure 11-3) 1.

Capacity

  1. The flat section of aggregate supply is characterized by an economy with a good deal of excess capacity or slack. (Web site)
  2. Figure 7-5 shows the rightward shift in aggregate supply as potential output increases along with the economy's productive capacity. (Web site)
  3. As we noted above, changes in aggregate supply are relatively constant and reflect the steady expansion of the economy's productive capacity. (Web site)

Categories

  1. Encyclopedia of Keywords > Society > Economics
  2. Glossaries > Glossary of Macroeconomics /

Related Keywords

    * Short-Run
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  Short phrases about "Aggregate Supply"
  Originally created: June 14, 2008.
  Links checked: July 10, 2013.
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