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OUTPUT GAPS: Recessionary and inflationary gaps created by differences between equilibrium real production achieved in the short-run aggregate market and full-employment real production. A recessionary gap occurs if short-run equilibrium real production is less than full-employment real production. An inflationary gap results if short-run real equilibrium production is greater than full-employment real production.
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CAPITAL The manufactured, artificial, or synthetic goods used in the production of other goods, making capital the "produced" factor of production. This is one of four basic categories of resources, or factors of production. The other three are labor, land, and entrepreneurship. Capital makes labor more productive.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway hoping to buy either an AC adapter that works with your MPG player or rechargeable batteries. Be on the lookout for defective microphones.
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One of the largest markets for gold in the United States is the manufacturing of class rings.
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"After climbing a great hill, one finds many more hills to climb. " -- Nelson Mandela, president of South Africa
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ARP
Average Revenue Product
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