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WANT: This is often thought of as a psychological desire which makes life just a little more enjoyable, but which is not physiological necessary to life. You need oxygen, but you want a hot fudge sundae. Satisfaction is achieved by fulfilling wants.
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Lesson 15: Aggregate Market | Unit 5: Policy Preview
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Page: 21 of 22
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Topic:
Time of Adjustment
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There is no specific, absolute time period that separates short run from long run. Time factors: - First: The size of the gap between short-run real production and long-run real production. Bigger gaps take longer to close.
- Second: Because prices are less rigid going up than down, inflationary gaps tend to close more quickly than recessionary gaps.
- Third: Adjustment speed depends on the underlying structure of the economy, including things like size, government laws, resource endowments, and culture.
These change over time and differ among countries. But adjustment is usually months not days.
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PERFECT COMPETITION, TOTAL ANALYSIS A perfectly competitive firm produces the profit-maximizing quantity of output that generates the greatest difference between total revenue and total cost. This total approach is one of three methods that used to determine the profit-maximizing quantity of output. The other two methods involve the direct analysis of economic profit or a comparison of marginal revenue and marginal cost.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time searching for rummage sales hoping to buy either several magazines on fashion design or a package of 3 by 5 index cards, the ones without lines. Be on the lookout for infected paper cuts.
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This isn't me! What am I?
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The penny is the only coin minted by the U.S. government in which the "face" on the head looks to the right. All others face left.
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"We succeed in enterprises (that) demand the positive qualities we possess, but we excel in those (that) can also make use of our defects." -- Alexis de Tocqueville, Statesman
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ACV
Actual Cash Value
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