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SLOPE, LONG-RUN AGGREGATE SUPPLY CURVE: The long-run aggregate supply (LRAS) curve is a vertical line with an infinite slope, reflecting the independent relation between the price level and aggregate real production. A higher price level is associated with the same real production as a lower price level. And this real production is that produced when resources are fully employed, that is, full-employment production. Real production is unaffected by the price level because prices are flexible in the long run. Long-run price flexibility ensures that ALL markets (product, financial, and resource) are in equilibrium.
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GOVERNMENT PURCHASES LINE A graphical depiction of the relation between government purchases by the government sector and the economy's aggregate level of income or production. This relation plays a key role in the study of Keynesian economics. A government purchases line is characterized by vertical intercept, which indicates autonomous government purchases, and slope, which is the marginal propensity for government purchases and indicates induced government purchases. The aggregate expenditures line used in Keynesian economics is derived by adding or stacking the government purchases line onto the consumption line, as well as investment expenditures and net exports.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time browsing through a long list of dot com websites hoping to buy either hand lotion, a big bottle of hand lotion or a lighted magnifying glass. Be on the lookout for malfunctioning pocket calculators.
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In 1914, Ford paid workers who were age 22 or older $5 per day -- double the average wage offered by other car factories.
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"The tragedy of life is not so much what men suffer, but rather what they miss. " -- Thomas Carlyle, Historian
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ISIC
International Standard Industrial Classification
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