Reading Book ( DAVID)

I was 20 minutes late back to class, so I was not allowed in. I used my time to improve my economics, instead of standing around playing pool. This is because I am a very good student.


These are some of the things that I read about.


Firstly, what I read from the book was basically all those things that we did in class with Mr. Chris. But after I read about 20 or 30 mintutes over this text books, finally, I could see some of those new things that we did not learn about yet. For example, I read about the Aggregate Supply. The definition of Aggregate Supply is the total output of goods and services that producers in an economy are willing and able to supply at different price levels in a given time period. The funny thing about this aggregate supply graph was that when output is low and unemployment is high the graph is perfectly elastic for the early part of aggregate supply curve. This means that more can be supplied without rasing the price level. The increase in output can be achieved by raising unemployment, helping with the raw materials and capital equipment. After this efforts, at the middle of the supply curve graph, it becomes first elastic and then it becomes increasingly less responsive to changes in price level. As resource gets scarcer and scarcer, those people have to employ less efficient workers and this leads to the increase in unit costs of production and price level. And at final stage, when all the resources are all finished, AS becomes perfectly inelastic!

DO NOT BE LATE TO CHRIS`s CLASS!