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ENDOGENOUS VARIABLE: A variable that is identified within the workings of the model. Also termed a dependent variable, an endogenous variable is in essence the "output" of the model. It should be compared with an exogenous variable this is the "input" of the model.
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Lesson 14: Aggregate Supply | Unit 2: Two Options
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Page: 4 of 20
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Production of goods and services takes time.Two time periods:- Long run A period in which all prices are flexible. Long run price flexibility means that all markets are in equilibrium.
- Short run A period in which some prices are flexible and some are rigid. Short run price rigidity leads to disequilibrium in resource markets, even though product and financial markets are in equilibrium.
- In the short run, disequilibrium in resource markets (especially labor) means that jobs remain unfilled or some workers are unemployed, even though we have equilibrium in the product markets, with satisfied buyers and sellers.
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ACCOUNTING COST An actual outlay or expenses incurred in the production of a good that shows up in a firm's accounting statements and records. Accounting cost is an explicit payment (that is, money changing hands) incurred by a firm. Accounting cost, while very important to accountants, company CEOs, shareholders, and the Internal Revenue Service, is only minimally important to economists. The reason is that economists are more interested in economic cost (also called opportunity cost), which is the value of foregone production.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius wanting to buy either a video camera with stop action features or one of those memory foam pillows. Be on the lookout for the happiest person in the room.
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This isn't me! What am I?
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In the early 1900s around 300 automobile companies operated in the United States.
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"The past is a foreign country; they do things differently there." -- Leslie Poles Hartley, Writer
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JPAM
Journal of Policy Analysis and Management
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