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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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MARGINAL ANALYSIS A basic technique used in economics that analyzes small, incremental changes in key variables. Marginal analysis is the primary analytical approached used in the study of markets, production, consumption, business cycles, and economic policies. It not only reflects how most economic decisions are made, it also lends itself to mathematical and graphical analysis.
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RED AGGRESSERINE
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Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors wanting to buy either a how-to book on building remote controlled airplanes or an extra large beach blanket. Be on the lookout for letters from the Internal Revenue Service.
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In the Middle Ages, pepper was used for bartering, and it was often more valuable and stable in value than gold.
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"Success is going from failure to failure without a loss of enthusiasm. " -- Winston Churchill, British statesman
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FAC
Federal Advisory Council
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