March 23, 2018 

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KEYNESIAN RANGE: The horizontal segment of the Keynesian aggregate supply curve that reflects rigid prices and wages. Shifts of the aggregate demand curve in this range lead to changes in the aggregate output, but not changes in price level. Such results are consistent with Keynesian economics, which is why this is termed the "classical" range. The other ranges of the Keynesian aggregate supply curve are the classical range and the intermediate range.

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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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The state that occurs when all of the economy's resources are engaged in the production of output. In practice, an economy is considered to be at full employment when the unemployment rate is around 5 to 5 1/2 percent and the capacity utilization rate of capital is about 85 percent. This is one of the five economic goals and three macroeconomic goals.

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Today, you are likely to spend a great deal of time at a garage sale hoping to buy either a set of steel-belted radial snow tires or a wall poster commemorating the 2000 Presidential election. Be on the lookout for attractive cable television service repair people.
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