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LONG-RUN AGGREGATE SUPPLY CURVE: A graphical representation of the long-run relation between real production and the price level, holding all ceteris paribus aggregate supply determinants constant. The long-run aggregate supply, or LRAS, curve is one of two curves that graphical capture the supply-side of the aggregate market; the other is the short-run aggregate supply curve (SRAS). The demand-side of the aggregate market is occupied by the aggregate demand curve. The vertical LRAS curve captures the independent relation between real production and the price level that exists in the long run.
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INVESTMENT BORROWING The acquisition of funds through the financial markets by the business sector which are used to finance investment expenditures on capital goods. In terms of the simple circular flow model, this is one of two basic demands for household saving diverted into financial markets. The other is government borrowing.
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Two and a half gallons of oil are needed to produce one automobile tire.
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"Leadership is based on inspiration, not domination; on cooperation, not intimidation. " -- William A. Ward
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IRPP
Institute for Research on Public Policy
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