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SHORTAGE: A condition in the market in which the quantity demanded is greater than the quantity supplied at the existing price. A shortage occasionally goes by the terms excess demand and sellers' market. A shortage causes an increase in the equilibrium price.

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Lesson 20: Federal Reserve System | Unit 5: Issues Page: 20 of 20

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  • Politics are never far from economics, especially when doing economic policies.
  • That monetary policy can satisfy alternative preferences about higher or lower inflation and unemployment.

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RECESSIONARY GAP

The difference between the equilibrium real production achieved in the short-run aggregate market and full-employment real production that occurs when short-run equilibrium real production is less than full-employment real production. A recessionary gap, also termed a contractionary gap, is associated with a business-cycle contraction. This is one of two alternative output gaps that can occur when short-run equilibrium generates production that differs from full employment. The other is an inflationary gap.

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APLS

RED AGGRESSERINE
[What's This?]

Today, you are likely to spend a great deal of time surfing the Internet trying to buy either a set of luggage without wheels or a how-to book on wine tasting. Be on the lookout for telephone calls from long-lost relatives.
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Natural gas has no odor. The smell is added artificially so that leaks can be detected.
"The greatest things ever done on Earth have been done little by little. "

-- William Jennings Bryan

DIDMCA
Depository Institutions Deregulation and Monetary Control Act
A PEDestrian's Guide
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