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June 3, 2023 

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LRAS: The abbreviation of long-run aggregate supply, which is the total (or aggregate) real production of final goods and services available in the domestic economy at a range of price levels, during a period of time in which all prices, especially wages, are flexible, and have achieved their equilibrium levels. Long-run aggregate supply (LRAS) is one of two aggregate supply alternatives, distinguished by the degree of price flexibility; the other is short-run aggregate supply (SRAS).

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ATTITUDES: A person's consistent evaluation and behavioral tendencies toward an idea or object. This is one of the psychological influences on consumer buying behavior. This pattern of behavior is central to a company's effort to market a product or service to at target market. Once developed, attitudes tend to be stable and vary little in a moment to moment situation.

     See also | consumer behavior | consumer decision making | promotion | psychological influences | target market |


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ATTITUDES, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2023. [Accessed: June 3, 2023].


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SELF CORRECTION, INFLATIONARY GAP

The automatic process in which the aggregate market eliminates an inflationary gap created by a short-run equilibrium that is greater than full employment through increases in wages (and other resource prices). The self-correction mechanism is triggered by short-run resource market imbalances that are closed by long-run price flexibility. The self-correction process of the aggregate market also acts to close a recessionary gap with lower wages (and other resource prices).

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Today, you are likely to spend a great deal of time at a garage sale hoping to buy either a coffee cup commemorating yesterday or a replacement remote control for your television. Be on the lookout for broken fingernail clippers.
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The 22.6% decline in stock prices on October 19, 1987 was larger than the infamous 12.8% decline on October 29, 1929.
"One worthwhile task carried to a successful conclusion is worth half-a-hundred half-finished tasks. "

-- Malcolm S. Forbes, publisher

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