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LOCATION THEORY: A theoretical framework for studying the location decisions made of firms and households based on transportation cost and spatial differences in the accessibility of inputs and markets for outputs. Location theory, developed with noted contributions from August Losch, Alfred Weber, Johann von Thunen, Walter Christaller, and Walter Isard, explicitly considers the cost of transportation in the production and consumption choices made by firms and households. Location theory has been used to explain urban density, labor migration, and land use.
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SELF CORRECTION, AGGREGATE MARKET The automatic process in which the aggregate market adjusts from short-run equilibrium to long-run equilibrium. Self-correction results through shifts of the short-run aggregate supply curve caused by changes in wages (and other resource prices). The self-correction mechanism acts to close both recessionary gaps and inflationary gaps. The short-run aggregate supply curve increases (shifts rightward) due to lower wages to close a recessionary gap and decreases (shifts leftward) due to higher wages to close an inflationary gap.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time flipping through mail order catalogs wanting to buy either storage boxes for your summer clothes or 500 feet of coaxial cable. Be on the lookout for attractive cable television service repair people.
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This isn't me! What am I?
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The average length of a "business lunch" is about 36 minutes.
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"No task is a long one but the task on which one dare not start: It becomes a nightmare. " -- Charles Baudelaire, poet-critic
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AOQL
Average Outgoing Quality Limit
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