Terms : Hide Images
| 5335859198 | Aggregate Supply Curve | Shows the relationship between the aggregate price level and the quantity of aggregate output supplied in the economy. |  | 0 |
| 5335874905 | Aggregate Price Level | A measure of the overall level of prices in the economy |  | 1 |
| 5335877462 | Aggregate Output | The economy's total production of final goods and services for a given time period, usually a year. | 2 | |
| 5335885452 | Real GDP | The numerical measure of aggregate output typically used by economists. | 3 | |
| 5335896066 | Nominal Wage | The dollar amount of the wage paid. | 4 | |
| 5335898790 | Sticky Wages | Nominal wages that are slow to fall even in the face of high unemployment and slow to rise even in the face of labor shortages. | 5 | |
| 5335908339 | Short-run Aggregate Supply Curve | Shows the relationship between the aggregate price level and the quantity of aggregate output supplied that exists in the short run, the time period when many production costs can be taken as fixed. |  | 6 |
| 5335951490 | Long-Run Aggregate Supply Curve | Shows the relationship between the aggregate price level and the quantity of aggregate output supplied that would exist if all prices, including nominal wages, were fully flexible. |  | 7 |
| 5335966408 | Potential Output | The level of real GDP the economy would produce if all prices including nominal wages were fully flexible. | 8 | |
| 5335984791 | Determinants of Short-Run Aggregate Supply | Factors that cause the short-run aggregate supply curve to shift to the left or the right. | 9 | |
| 5336001789 | Decrease in Short-Run Aggregate Supply | Producers reduce the quantity of aggregate output they are willing to supply at any given aggregate price level. (left shift of SRAS) |  | 10 |
| 5336012501 | Increase in Short-Run Aggregate Supply | Producers increase the quantity of aggregate output they are willing to supply at any given price level. (right shift of SRAS) |  | 11 |
| 5336040699 | Commodity | A standardized input bought and sold in bulk quantities. |  | 12 |
| 5336068375 | Productivity | A measure of the amount of output produced with a given amount of productive factors; normally it refers to labor but it can apply to all factors of production. |  | 13 |
