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EQUILIBRIUM, SHORT-RUN AGGREGATE MARKET: The state of equilibrium that exists in the short-run aggregate market when real aggregate expenditures are equal to full employment real production with no imbalances to induce changes in the price level or real production. In other words, the opposing forces of aggregate demand (the buyers) and short-run aggregate supply (the sellers) exactly offset each other. Equilibrium in the short-run aggregate market achieves balance in the product markets and financial markets, but not in the resource markets. It also involves simultaneous equilibrium in the aggregated financial and resource markets.
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SHORT-RUN AGGREGATE SUPPLY The total (or aggregate) real production of final goods and services available in the domestic economy at a range of price levels, during a period of time in which some prices, especially wages, are rigid, inflexible, or otherwise in the process of adjusting. Short-run aggregate supply, commonly abbreviated SRAS, is one of two aggregate supply alternatives, distinguished by the degree of price flexibility. The other is long-run aggregate supply. Short-run aggregate supply is combined with aggregate demand in the short-run aggregate market analysis used to analyze business-cycle instability, unemployment, inflation, government stabilization policies, and related macroeconomic topics.
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BEIGE MUNDORTLE
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Today, you are likely to spend a great deal of time at an auction hoping to buy either clothing for your kitty cats or a set of luggage without wheels. Be on the lookout for strangers with large satchels of used undergarments.
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Lombard Street is London's equivalent of New York's Wall Street.
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"The shifts of fortune test the reliability of friends. " -- Marcus Tullius Cicero, Roman statesman
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