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QUASI-RENT: The payment that is received by a resource of production activity over the opportunity cost in the short run. The notion of quasi-rent is similar to economic rent, or economic profit, which is payment or revenue received over opportunity cost. The key difference is that quasi-rent is a short-run phenomenon. While quasi-rent is "extra" payment received in the short run, such payment might be essential to keep the resource or production activity in the long run. An example is the quasi-rent received due to the patent on a technological innovation. In the short run, the revenue received can be considered as profit in excess of the opportunity cost of production. However, in the long run this extra revenue motivates innovators to develop new technology. Without quasi-rent the innovations would not occur.
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AGGREGATE SUPPLY DECREASE, SHORT-RUN AGGREGATE MARKET A shock to the short-run aggregate market caused by a decrease in aggregate supply, resulting in and illustrated by a leftward shift of the short-run aggregate supply curve. A decrease in aggregate supply in the short-run aggregate market results in an increase in the price level and a decrease in real production. The level of real production resulting from the shock can be greater or less than full-employment real production.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time browsing through a long list of dot com websites seeking to buy either a birthday greeting card for your grandfather or a weathervane with a cow on top. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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This isn't me! What am I?
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A thousand years before metal coins were developed, clay tablet "checks" were used as money by the Babylonians.
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"One person with a belief is equal to a force of ninety-nine with only interests." -- John Stuart Mill
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AEC
Annual Equivalent Costs
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