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EURO ZONE: The geographic area occupied by the member nations of the European Economic and Monetary Union that share the same currency (euro) and monetary policy.
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Lesson 15: Aggregate Market | Unit 4: Self Correction
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Page: 16 of 22
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The aggregate market, which is typically at or near short-run equilibrium, is persistently motivated to seek out the long-run equilibrium.- This motivation comes from an imbalance in the labor market created by rigid wages, temporarily tapping into frictional and structural unemployment, and misperceptions about the real wage.
- The imbalance is temporary. The macroeconomy will automatically move toward long-run equilibrium and full employment.
- Wages are flexible in the long run, but rigid in the short run. This is the key to the self-correction mechanism of the aggregate market.
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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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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time at a going out of business sale wanting to buy either a genuine down-filled pillow or one of those "hang in there" kitty cat posters. Be on the lookout for rusty deck screws.
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Two and a half gallons of oil are needed to produce one automobile tire.
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"The past is a foreign country; they do things differently there." -- Leslie Poles Hartley, Writer
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GATS
General Agreement on Trade in Services
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