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LAW: Generally accepted, verified, fundamental principle of nature. Laws have been tested and verified through the scientific method. As a house is constructed from concrete, lumber, and nails, a theory is constructed from laws. To be a fundamental law of nature, a principle must capture a cause-and-effect relationship about the workings of the world.

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Lesson 14: Aggregate Supply | Unit 3: The Curves Page: 11 of 20

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  • The vertical long-run aggregate supply curve which graphically illustrates that the price level has no affect on the full employment level of aggregate supply in the long run.
  • The positively-sloped short-run aggregate supply curve which graphically illustrates that the price level does affect aggregate supply in the long run, and that it's possible to change short-run production, above or below full employment, if the price level changes.
  • Similarities and differences between aggregate supply and market supply.

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EXPLICIT COLLUSION

A formal, usually secret, collusion agreement among competing firms (mostly oligopolistic firms) in an industry designed to control the market, raise the market price, and otherwise act like a monopoly. Also termed overt collusion, the distinguishing feature of explicit collusion is that it involves some sort of agreement among the colluding firms. This is one of two types of collusion. The other is implicit or tacit collusion, which does not involve an explicit agreement.

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Today, you are likely to spend a great deal of time wandering around the downtown area hoping to buy either a rechargeable battery for your camera or a coffee cup commemorating the first day of spring. Be on the lookout for poorly written technical manuals.
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The word "fiscal" is derived from a Latin word meaning "moneybag."
"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."

-- Mark Victor Hansen

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Gross State Product
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