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LONG RUN, MACROECONOMICS: In terms of the macroeconomic analysis of the aggregate market, a period of time in which all prices, especially wages, are flexible, and have achieved their equilibrium levels. This is one of two macroeconomic time designations; the other is the short run. Long-run wage and price flexibility means that ALL markets, including resources markets and most notably labor markets, are in equilibrium, with neither surpluses nor shortages. Wage and price flexibility and the resulting resource market equilibria are the reason for the vertical long-run aggregate supply curve.

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Lesson 1: Economic Basics | Unit 5: Policies Page: 16 of 18

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Several problems prevent market deficiencies from being efficiently corrected by government action.

Government imperfections:

  • Voter Apathy: When people don't vote, leaders don't know what the public really wants.
  • Special Interest Groups: Those with influence, can adversely affect government policies.
  • Re-election Minded Politicians: Leaders who please only a few, won't represent everyone.
  • Complex Bureaucracies: Complexity keeps public workers from being responsible for their actions.

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AVERAGE REVENUE PRODUCT

Total revenue generated per unit of a variable input, keeping all other inputs unchanged. Average revenue product, usually abbreviated ARP, is found by dividing total revenue by the variable input or by multiplying average physical product by average revenue. Average revenue product is a part of marginal productivity theory used to analyze the demand for productive inputs.

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Today, you are likely to spend a great deal of time browsing through a long list of dot com websites looking to buy either a how-to book on meeting people or clothing for your pet iguana. Be on the lookout for defective microphones.
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Much of the $15 million used by the United States to finance the Louisiana Purchase from France was borrowed from European banks.
"Now is the only time there is. Make your now wow, your minutes miracles, and your days pay. Your life will have been magnificently lived and invested, and when you die you will have made a difference."

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