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AGGREGATE DEMAND CURVE: A graphical representation of the relation between aggregate expenditures on real production and the price level, holding all ceteris paribus aggregate demand determinants constant. The aggregate demand, or AD, curve is one side of the graphical presentation of the aggregate market. The other side is occupied by the aggregate supply curve (which is actually two curves, the long-run aggregate supply curve and the short-run aggregate supply curve). The negative slope of the aggregate demand curve captures the inverse relation between aggregate expenditures on real production and the price level. This negative slope is attributable to the interest-rate effect, real-balance effect, and net-export effect.
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SCARCE A condition in which a given good or resource is limited relative to its desired uses. This is a special condition of the general condition of scarcity. A scarce good or resource is typically exchanged through markets and carries a positive price.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time strolling through a department store looking to buy either a set of serrated steak knives, with durable plastic handles or a pair of blue silicon oven mitts. Be on the lookout for pencil sharpeners with an attitude.
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Three-forths of the gold mined each year is used to manufacture jewelry.
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"Good judgment comes from experience, and often experience comes from bad judgment." -- Rita Mae Brown ‚ Writer
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QLR
Quasi-Likelihood Ratio
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