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AGGREGATION: The process of adding up, summing, or otherwise identifying the total value of a variable or measure, especially when used in the study of macroeconomics. Common items that are aggregated are demand, supply, and expenditures on gross domestic product, which result in aggregate demand, aggregate supply, and aggregate expenditures.
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AGGREGATE SUPPLY SHIFTS Changes in the aggregate supply determinants shift both the short-run aggregate supply curve and the long-run aggregate supply curve. The mechanism is comparable to that for market supply determinants and market supply. There are two options--an increase in aggregate supply and a decrease in aggregate supply. An increase in resource quantity or quality or a decrease in resource price shifts one or both of the aggregate supply curves to right. A decrease in resource quantity or quality or an increase in resource price shifts one or both of the aggregate supply curves to left.
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Fact 6: Our Unknown EconomyDr. Nova Cain, DDS, has her office in the mini-mall just north of city hall. You know the sort of mini-mall. It has a branch of Interstate OmniBank, Smilin' Ted's All-Comers Insurance Agency, an auto parts store, a branch of the public library, and four chiropractors. Dr. Cain's location near the Shady Valley City Hall is most fortunate. One of my back molars is beginning to shoot sharp pains through my eyeball, into my brain, and out the back of my head. I've been meaning to stop by for a cleaning and check up, but, well, the thought of sharp needles and high-speed drills grinding away large portions of my teeth convinced me that other activities were more important. Now, however, just as we're trying to trek through the complexities of the economy, that back molar has decided to throb incessantly. It's best if I stop in and let the kind and (hopefully) gentle Dr. Cain check it out. Guess what? ROOT CANAL!
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BROWN PRAGMATOX
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Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius wanting to buy either a pair of designer sunglasses or looseleaf notebook paper. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
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This isn't me! What am I?
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Okun's Law posits that the unemployment rate increases by 1% for every 2% gap between real GDP and full-employment real GDP.
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"I can feel guilty about the past, apprehensive about the future, but only in the present can I act." -- Abraham Maslow, Psychologist
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LME
London Metal Exchange
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