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If workers and firms adjust their expectations of future prices in a higher price level, the short-run aggregate supply curve shifts to the right.
Marginal Revenue Product
The additional revenue generated from using one more unit of input.
Marginal Product
The extra output generated from increasing a particular input by one unit while keeping all other inputs unchanged.
Output
The total amount of goods or services produced by a firm or economy over a specific period of time.
Derived Demand
The demand for a factor of production or intermediate good resulting from the demand for another good or service, such as the demand for steel being driven by the demand for automobiles.
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