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AGGREGATE SUPPLY DETERMINANTS: An assortment of ceteris paribus factors that affect both short-run aggregate supply and long-run aggregate supply, but which are assumed constant when the short-run and long-run aggregate supply curves are constructed. Changes in any of the aggregate supply determinants cause the short-run and long-run aggregate supply curves to shift. While a wide variety of specific ceteris paribus factors can cause the aggregate supply curves to shift, it's usually most convenient to group them into three broad categories -- resource quantity, resource quality, and resource prices.
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ABSTRACTION Simplifying the complexities of the real world by ignoring (hopefully) unimportant details while doing economic analysis. Abstraction is an essential feature of the scientific method. Hypothesis verification, model construction, and comparative static analysis are not possible without abstraction.
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time at a crowded estate auction looking to buy either decorative picture frames or storage boxes for your income tax returns. Be on the lookout for the happiest person in the room.
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Only 1% of the U.S. population paid income taxes when the income tax was established in 1914.
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"You can't use up creativity. The more you use, the more you have. " -- Maya Angelou, poet
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PDV
Present Discounted Value
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