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June 21, 2018 

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SHORT RUN: In terms of the macroeconomic analysis of the aggregate market, a period of time in which some prices, especially wages, are rigid, inflexible, or otherwise in the process of adjusting. Short-run wage and price rigidity prevents some markets, especially resources markets and most notably labor markets, from achieving equilibrium. In terms of the microeconomic analysis of production and supply, a period of time in which at least one input in the production process is variable and one is fixed. In the microeconomic analysis, the short run is primarily used to analyze production decisions for a firm.

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AUTONOMOUS CHANGE: A change in autonomous expenditures that sets in motion a change in the national income and gross domestic product through the multipiler. In terms of Keynesian economics and the Keynesian cross diagram, autonomous changes are seen as shifts in the aggregate expenditures line. Autonomous changes cause changes in income and production which then "induce" further changes in aggregate expenditures, especially consumption expenditures, which are induced changes. This two step process, autonomous changes causing induced changes, is key to explaining business cycle fluctuations.

     See also | autonomous expenditure | induced expenditure | aggregate expenditures line | Keynesian economics | Keynesian cross | multiplier | circular flow | accelerator | business cycle |


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DEMAND CURVE

A graphical representation of the relation between the demand price and quantity demanded, holding all ceteris paribus demand determinants constant. A demand curve graphically illustrates the law of demand, the inverse relation between demand price and quantity demanded for a particular good. It is one half of the standard market model; a supply curve is the other half.

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Today, you are likely to spend a great deal of time at a crowded estate auction trying to buy either semi-gloss photo paper that works with your neighbor's printer or a birthday gift for your father that doesn't look like every other birthday gift for your father. Be on the lookout for neighborhood pets, especially belligerent parrots.
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The 1909 Lincoln penny was the first U.S. coin with the likeness of a U.S. President.
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