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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.

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FREE LUNCH: The consumption of hunger-satisfying food products during the middle of the day, usually around the noon hour, the acquisition of which imposes no opportunity cost on society. Given the fundamental problem of scarcity (the combination of limited resources and unlimited wants and needs), the acquisition of hunger-satisfying food products without imposing an opportunity cost on others is not possible.

     See also | consumption | satisfaction | opportunity cost | free good | free resource | limited resources | unlimited wants and needs | scarcity | TANSTAAFL |


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FREE LUNCH, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2018. [Accessed: June 24, 2018].


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EXPORTS

Goods and services produced by the domestic economy and purchased by the foreign sector. Exports are goods sold to other countries. Exports are the counter to imports--goods produced by the foreign sector and purchased by domestic economy. Exports, together with imports, are the essence of foreign trade--goods and services that are traded among the citizens of different nations. Exports and imports are frequently combined into a single term, net exports (exports minus imports).

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Today, you are likely to spend a great deal of time browsing about a thrift store seeking to buy either a New York Yankees baseball cap or a solid oak entertainment center. Be on the lookout for small children selling products door-to-door.
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The first "Black Friday" on record, a friday marked by a major financial catastrophe, occurred on September 24, 1869 -- A FRIDAY -- when an attempted cornering of the gold market induced a financial crises and economy-wide depression.
"The moment you let avoiding failure become your motivator, you're down the path of inactivity. "

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