Google
Friday 
September 21, 2018 

AmosWEB means Economics with a Touch of Whimsy!

AmosWEBWEB*pediaGLOSS*aramaECON*worldCLASS*portalQUIZ*tasticPED GuideXtra CrediteTutorA*PLS
ADJUSTMENT, LONG-RUN AGGREGATE MARKET: Disequilibrium in the long-run aggregate market induces changes in the price level that restore equilibrium. If the price level is above the long-run equilibrium price level, economy-wide product market surpluses cause the price level to fall. If the price level is below the long-run equilibrium price level, economy-wide product market shortages cause the price level to rise. In both cases long-run equilibrium is restored. Price level changes induce changes in aggregate expenditures but NOT changes in real production. The reason is that long-run aggregate supply is full-employment real production, which is unaffected by the price level.

Visit the GLOSS*arama

Most Viewed (Number) Visit the WEB*pedia

Lesson 3: Scarcity | Unit 1: The Concept Page: 3 of 17

Topic: Summary <=PAGE BACK | PAGE NEXT=>

  • The fundamental concept of scarcity that faces society.
  • The role unlimited wants and needs play in creating the problem of scarcity.
  • The role limited resources play in creating the problem of scarcity.
  • What the scarcity problem means for society.

Course Home | Lesson Menu | Page Back | Page Next

COMPARATIVE ADVANTAGE

The ability to produce one good at a relatively lower opportunity cost than other goods, especially compared to production in another country. Every person or country has a comparative advantage in production of at least one good or service, even with relatively limited production technology. A related, but contrasting concept is absolute advantage. Both terms are perhaps most important to the study of international trade, but also provide insight into other exchanges.

Complete Entry | Visit the WEB*pedia


APLS

PURPLE SMARPHIN
[What's This?]

Today, you are likely to spend a great deal of time at an auction trying to buy either storage boxes for your winter clothes or several magazines on time travel. Be on the lookout for crowded shopping malls.
Your Complete Scope

This isn't me! What am I?

North Carolina supplied all the domestic gold coined for currency by the U.S. Mint in Philadelphia until 1828.
"Man is born to live, not to prepare for life. "

-- Boris Pasternak, writer

SSAP
Statement of Standard Accounting Practice
A PEDestrian's Guide
Xtra Credit
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.

User Feedback



| AmosWEB | WEB*pedia | GLOSS*arama | ECON*world | CLASS*portal | QUIZ*tastic | PED Guide | Xtra Credit | eTutor | A*PLS |
| About Us | Terms of Use | Privacy Statement |

Thanks for visiting AmosWEB
Copyright ©2000-2018 AmosWEB*LLC
Send comments or questions to: WebMaster