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AGGREGATE SUPPLY SHIFTS: Changes in the aggregate supply determinants can shift either the short-run aggregate supply curve and the long-run aggregate supply curve. The mechanism is comparable to that for market supply determinants and market supply. We have two options -- an increase in aggregate supply and a decrease in aggregate supply. An increase in resource quantity or quality or a decrease in resource prices shift the aggregate supply curves to right. A decrease in resource quantity or quality or an increase in resource prices shift the aggregate supply curves to left.
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LIMITED RESOURCES A basic condition of nature which means that the quantities of available labor, capital, land and entrepreneurship used for the production of goods and services are finite. It means that the economy has only so many resources that can be used AT ANY GIVEN TIME time to produce goods and services. Limited resources are one half of the fundamental problem of scarcity that has plagued humanity since the beginning of time. The other half of the scarcity problem is unlimited wants and needs.
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Keeping The Lid On INFLATIONIt's Thursday! It's 2:30 in the afternoon! IT'S PRETZEL TIME!! We must make a brief stop at one of Shady Valley's most acclaimed business establishments -- Max Mulroney's Pretzel Haven. My favorite, of course, is pretzel-on-a-stick. An ample supply of barbecue sauce is standard fair. I'm taken aback! Max has raised his pretzel prices once again -- for the third Thursday in a row. What sort of chicanery is at work here? Is Max trying to gouge the pretzel lovers of Shady Valley? Max says, quite emphatically, NO! His pretzel producing cost has risen. It seems, he explains, to be a pervasive problem throughout Shady Valley. He's not alone in pumping up prices. A quick price checking, window shopping expedition through the Shady Valley Central Town Sprawling Hills Shopping Mall, Mega-Mart Discount Warehouse Super Center, Manny Mustard's House of Sandwiches, and even Dr. Nova Cain's dental office reveals truth to Max's claim. Prices all over Shady Valley are rising. I suspect that there's only one way to unravel the intricacies of this mystery, we're need to examine the topic of inflation.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time flipping through mail order catalogs wanting to buy either a birthday greeting card for your aunt or a wall poster commemorating the moon landing. Be on the lookout for infected paper cuts.
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This isn't me! What am I?
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Three-forths of the gold mined each year is used to manufacture jewelry.
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"Advice is like snow ‚ the softer it falls, the longer it dwells upon and the deeper it sinks into the mind. " -- Samuel Taylor Coleridge, poet
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M&O
Management and Organization
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