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WORLD VIEW: An aspect of a scientific theory that includes fundamental, and unverifiable axioms, beliefs, and values about how the world works. On example of an unverifiable world view axiom is belief in the existence of supreme, omnipotent, omniscience being. Political philosophies, which are essential to economic theories, are intertwined with alternative world views.
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Lesson 15: Aggregate Market | Unit 4: Self Correction
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Page: 17 of 22
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Topic:
Recessionary Gap
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The aggregate market can automatically reach long-run equilibrium by closing a recessionary gap. Key points: - Short-run equilibrium is at the intersection of the AD and the SRAS (SRo) curves.
- The initial short-run price level is Po, and real production is Qo.
- Short-run equilibrium is to the left of the full employment production, Qf.
- We have a recessionary gap.
- As wages fall, production cost decreases which increases short-run aggregate supply.
- The SRAS curves shift to reach the full employment level at the intersection of the LRAS and AD curves.
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AUTOMATIC TRANSFER SERVICE ACCOUNTS Deposit accounts offered by commercial banks, credit unions, savings and loan associations, and mutual savings banks that automatically transfer funds from interest-paying savings account to checking accounts when needed to process checks or to maintain minimum balances. Automatic transfer service (ATS) accounts effectively function as interest-paying checking accounts and are considered as one type of checkable deposits. Other checkable deposits are demand deposits (standard checking accounts), negotiable order of withdrawal (NOW) accounts, and share draft accounts.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time searching for a specialty store looking to buy either a T-shirt commemorating last Friday (you know why) or a rotisserie oven that can also toast bread. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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This isn't me! What am I?
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Paper money used by the Commonwealth of Massachusetts prior to the U.S. Revolutionary War, which was issued against the dictates of Britain, was designed by patriot and silversmith, Paul Revere.
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"Enthusiasm is the greatest asset in the world. It beats money and power and influence. It is no more or less than faith in action. " -- Henry Chester, Writer
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MLR
Minimum Lending Rate
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