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Aggregate supply
The total output produced in an economy at all possible price levels, over a specific time period, ceteris paribus.
Human capital
Skills, abilities, good health, and knowledge utilized by people to increase their productivity.
Interventionist policies
Supply-side policies in which the government takes direct action to expand the economy's productive capacity, such as funding education and training, health care, research and development, infrastructure and industrial policies.
Market-based policies
Supply-side policies that work by removing barriers to market efficiency and reducing government intervention, letting markets allocate resources more freely to raise the economy's productive capacity.
Opportunity cost
The value of the next best option that must be forgone or sacrificed in order to acquire something else.
Supply-side policies
Government policies aimed at increasing the productive capacity of the economy and improving market efficiency.