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October 17, 2018 

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LONG-RUN AGGREGATE MARKET: A macroeconomic model relating the price level and real production under the assumption that ALL prices flexible. This is one of two aggregate market submodels used to analyze business cycles, aggregate production, unemployment, inflation, stabilization policies, and related macroeconomic phenomena. The other is the short-run aggregate market. The long-run aggregate market isolates the interaction between aggregate demand and long-run aggregate supply. The key assumption of this model is that ALL prices, especially resource prices, are flexible. The primary result of this model is that the economy achieves long-run equilibrium at full-employment real production.

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DURABLE GOOD: A good bought by consumers that tends to last for more than a year. Common examples are cars, furniture, and appliances. Durable goods play an important role in the business cycle. During a business cycle recession, consumers tend to put off buying durable goods, hoping that the ones they already have will last until the economy improves. This lack of durable good purchases by consumers, though, contributes to the length and severity of a recession because durable good producers are then forced to reduce output and lay off workers. An important part of a business cycle recovery is then an increase in durable goods purchases.

     See also | business cycle | recession | expansion | recovery | nondurable |


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LONG-RUN TREND

The pattern of potential real gross domestic product of an economy based on full employment of available resources. The long-run trend is commonly represented as a positively-sloped line in a diagram depicting business-cycle phases. This slope captures the economy's expansion in its production possibilities resulting from increases in the quantity and quality of resources.

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Today, you are likely to spend a great deal of time wandering around the shopping mall wanting to buy either a how-to book on fixing your computer, with illustrations or several magazines on computer software. Be on the lookout for rusty deck screws.
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