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REAL PRODUCTION: The market value of all production measured in constant prices, after adjusting for inflation. Real production is typically measured with real GDP.
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AGGREGATE SUPPLY DECREASE, LONG-RUN AGGREGATE MARKET A shock to the long-run aggregate market caused by a decrease in aggregate supply, resulting in and illustrated by a leftward shift of the long-run aggregate supply curve. A decrease in aggregate supply in the long-run aggregate market results in an increase in the price level and a decrease in real production. The level of real production resulting from the shock is a smaller level of full-employment real production.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time searching the newspaper want ads looking to buy either a coffee table shaped like the state of Florida or storage boxes for your summer clothes. Be on the lookout for the last item on a shelf.
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This isn't me! What am I?
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A half gallon milk jug holds about $50 in pennies.
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"Do you want to be safe and good, or do you want to take a chance and be great?" -- Jimmy Johnson, Football Coach
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BOP
Balance of Payments
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