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KEYNESIAN EQUILIBRIUM: The state of the macroeconomy in which aggregate expenditures are equal to aggregate output. This is illustrated using the income-expenditure model, or Keynesian cross, as the intersection of the aggregate expenditures line and the 45-degree line. The aggregate expenditures line is the summation of consumption expenditures, investment expenditures, government purchases, and net exports. The 45-degree line represents all combinations in which aggregate expenditures equal aggregate output. Keynesian equilibrium is also represented by the saving-investment, or injection-leakage, model as the intersection between the injection line (investment expenditures, government purchases, and exports) and the leakage line (saving, taxes, and imports).
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PERFECT COMPETITION, LOSS MINIMIZATION A perfectly competitive firm is presumed to produce the quantity of output that minimizes economic losses, if price is greater than average variable cost but less than average total cost. This is one of three short-run production alternatives facing a firm. The other two are profit maximization (if price exceeds average total cost) and shutdown (if price is less than average variable cost).
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time browsing through a long list of dot com websites hoping to buy either clothing for your kitty cats or a set of luggage without wheels. Be on the lookout for cardboard boxes.
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Natural gas has no odor. The smell is added artificially so that leaks can be detected.
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"Even a mistake may turn out to be the one thing necessary to a worthwhile achievement." -- Henry Ford
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VAR
Vector Autoregression
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