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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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SHORTAGE A condition in the market in which the quantity demanded is greater than the quantity supplied at the existing price. Because buyers are unable to buy as much of the good as they want, a shortage generally causes an increase in the market price, which then acts to restore equilibrium. A shortage, which also goes by the terms excess demand and sellers' market, is one of two basic states of disequilibrium for the market. The other is surplus.
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WHITE GULLIBON
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Today, you are likely to spend a great deal of time searching the newspaper want ads wanting to buy either a birthday gift for your aunt or a pair of leather sandals that won't cause blisters. Be on the lookout for celebrities who speak directly to you through your television.
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Before 1933, the U.S. dime was legal as payment only in transactions of $10 or less.
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"The way employees treat customers reflects the manner in which they're treated by management. " -- James Perkins, president, Cornell University
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