March 17, 2018 

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RIGID PRICES: The proposition that some prices adjust slowly in response to market shortages or surpluses. This condition is most important for macroeconomic activity in the short run and short-run aggregate market analysis. In particular, rigid (also termed inflexible or sticky) prices are a key reason underlying the positive slope of the short-run aggregate supply curve. Prices tend to be the most rigid in resource markets, especially labor markets, and the least rigid in financial markets, with product markets falling somewhere in between.

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Lesson 1: Economic Basics | Unit 1: Economics Page: 1 of 18

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A social science that studies the allocation of scarce resources used to produce goods and services that satisfy consumers' unlimited wants and needs.

Key points in the study of economics:

  • Social Science: Economics uses the scientific method to explain and study our society.
  • Allocation: Economics studies allocation decisions about distributing resources, goods and services.
  • Scarce Resources: The economy's resources are limited relative to their use.
  • Production: We transform available resources into goods and services. That's production.
  • Consumption: The goods and services produced are used to satisfy wants and needs. That's consumption.

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Expenditures made by the business sector on final goods and services, or gross domestic product, especially the purchase of productive capital goods. Investment expenditures play a central role in macroeconomic activity affecting both short-run business cycles and long-run economic growth. These expenditures reflect the general act of investment involving foregoing current satisfaction to produce capital goods and are officially measured by gross private domestic investment. These are one of four expenditures on gross domestic product. The other three are consumption expenditures, government purchases, and net exports.

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Today, you are likely to spend a great deal of time flipping through the yellow pages wanting to buy either a velvet painting of Elvis Presley or a wall poster commemorating yesterday. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
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Mark Twain said "I wonder how much it would take to buy soap buble if there was only one in the world."
"If football taught me anything about business, it is that you win the game one play at a time."

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