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AGGREGATE SUPPLY: The total (or aggregate) real production of final goods and services available in the domestic economy at a range of price levels, during a given time period. Aggregate supply (AS) is one half of the aggregate market analysis; the other half is aggregate demand. Aggregate supply, relates the economy's price level, measured by the GDP price deflator, and aggregate domestic production, measured by real gross domestic product. The aggregate supply relation is generally separated into long-run aggregate supply, in which all prices and wages and flexible and all markets are in equilibrium, and short-run aggregate supply, in which some prices and wage are NOT flexible and some markets are NOT in equilibrium.
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SLOPE, GOVERNMENT PURCHASES LINE The positive slope of the government purchases line is also termed the marginal propensity for government purchases (MPG). This slope is greater than zero but less than one, reflecting induced government purchases. The slope of the government purchases line affects the slope of the aggregate expenditures line and thus also affects the magnitude of the multiplier process.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time flipping through mail order catalogs wanting to buy either a case for your designer sunglasses or arch supports for your shoes. Be on the lookout for mail order catalogs with hidden messages.
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Ragnar Frisch and Jan Tinbergen were the 1st Nobel Prize winners in Economics in 1969.
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"An idea is never given to you without you being given the power to make it reality." -- Richard Bach, Author
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AIC
Akaike's Information Criterion
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