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PAYROLL TAX: A tax levied on the wage earnings, or payroll, of workers. The most notable, if nothing else in terms of sheer dollar amount, is the Social Security tax.

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Lesson 15: Aggregate Market | Unit 3: Doing Curves Page: 11 of 22

Topic: Long-Run Equilibrium <=PAGE BACK | PAGE NEXT=>

Long-run equilibrium in the aggregate market can be seen by combining the aggregate demand and supply sides (curves) of the market into a graph.
  • Equilibrium in the long run aggregate market equilibrium is at the intersection of the two curves and at full-employment production.
  • At the long-run equilibrium:
    • The quantity of real production supplied is equal to the quantity of real production demanded.
    • Both sides of the market are satisfied and not inclined to change the price level.

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ECONOMIC GOOD

A tangible item produced with society's limited resources for the purpose of satisfying wants and needs. As a general notion, the phrase economic good also commonly includes intangible services produced with society's limited resources for the purpose of satisfying wants and needs. A synonymous term for economic good is scarce good.

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YELLOW CHIPPEROON
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Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors hoping to buy either a T-shirt commemorating yesterday or a pair of handcrafted oven mitts. Be on the lookout for infected paper cuts.
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Ragnar Frisch and Jan Tinbergen were the 1st Nobel Prize winners in Economics in 1969.
"Most of the things worth doing in the world had been declared impossible before they were done."

-- Louis D. Brandeis, Supreme Court Justice

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