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CHANGE IN REAL PRODUCTION: The movement along the short-run or long-run aggregate supply curve caused by a change in the price level. This should be contrasted directly with a change in aggregate supply. You might also want to review the terms change in quantity supplied and change in supply, as well. A change in real production for short-run aggregate supply actually means real production changes with a movement along a given SRAS. However, a "change in real production" for long-run aggregate supply really refers to a movement along a given LRAS curve and doesn't actually involve a change in production. A change in real production means that we have identified a NEW price level-real production combination on the existing aggregate supply curve. In contrast, a change in aggregate supply means that we have changed, moved, or shifted, the entire aggregate supply curve, the whole range of price levels and real production amounts has changed.

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INELASTIC

The general relation between two variables in which relatively large changes in one variable (A) cause relatively small changes in another variable (B). In other words, large changes in variable A cause relatively small changes in variable B or the percentage change in variable B is smaller than the percentage change in variable A. This characterization of elasticity is most important for the price elasticity of demand and the price elasticity of supply. Inelastic is one of two general elasticity relations between two variables. The other is elastic.

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