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TECHNOLOGY, AGGREGATE SUPPLY DETERMINANT: One of several specific aggregate supply determinants assumed constant when the short-run and long-run aggregate supply curves are constructed, and that shifts both aggregate supply curves when it changes. An increase in technology causes an increase (rightward shift) of both aggregate supply curves. A decrease in technology causes a decrease (leftward shift) of both aggregate supply curves. Other notable aggregate supply determinants include wages, energy prices, and the capital stock. Technology comes under the resource quality aggregate supply determinant.
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AMERICAN ECONOMIC ASSOCIATION A formal organization of professional economists that promotes economic research, organizes annual meetings and conferences, and maintains a list of publications in several economics subjects. The American Economic Association (AEA) was originally organized by a small group interested in economics at a meeting in 1888 in Saratoga, New York. However, as interest in the subject grew, it officially incorporated in 1923. Although the AEA contained only a small number of members in the beginning, today the membership is approximately 18,000. In addition, about 4,600 libraries, institutions, and firms subscribe to the quarterly publications of the AEA.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time wandering around the shopping mall seeking to buy either an instructional DVD on learning to the play the oboe or a small, foam rubber football. Be on the lookout for malfunctioning pocket calculators.
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This isn't me! What am I?
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Al Capone's business card said he was a used furniture dealer.
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"People of mediocre ability sometimes achieve outstanding success because they don't know when to quit. Most men succeed because they are determined to. " -- George Allen, U.S. senator
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APC
Average Propensity to Consume
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