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CHANGE IN AGGREGATE SUPPLY: A shift of the short-run or long-run aggregate supply curve caused by a change in one of the aggregate supply determinants. In essence, a change in aggregate supply is caused by any factor affecting supply EXCEPT the price level. This concept should be contrasted directly with a change in real production. You might also want to review the terms change in quantity supplied and change in supply, as well. The change in aggregate supply is comparable to the change in market supply. A change in aggregate supply is a change in ALL price level-real production combinations, meaning that each price level is matched up with a different level of real production (which is then illustrated as a shift of the short-run or long-run aggregate supply curve). This change in aggregate supply is caused by a change in any of the aggregate supply determinants. In contrast, a change in real production is a change from one price level-real production combination to the another.
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AGGREGATE SUPPLY INCREASE, LONG-RUN AGGREGATE MARKET A shock to the long-run aggregate market caused by an increase in aggregate supply, resulting in and illustrated by a rightward shift of the long-run aggregate supply curve. An increase in aggregate supply in the long-run aggregate market results in a decrease in the price level and an increase in real production. The level of real production resulting from the shock is a greater level of full-employment real production.
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BROWN PRAGMATOX
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Today, you are likely to spend a great deal of time at the confiscated property police auction wanting to buy either a coffee cup commemorating the 2000 Olympics or a birthday gift for your grandmother. Be on the lookout for poorly written technical manuals.
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The first U.S. fire insurance company was established by Benjamin Franklin in 1752 in Philadelphia.
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"Kites rise highest against the wind, not with it. " -- Winston Churchill, British prime minister
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DOL
Department of Labor
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