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MARKET ADJUSTMENT: The economic analysis of the changes in market equilibrium caused by changes in the demand determinants and supply determinants. Given the two curves that comprise the market--the demand curve and the supply curve; each of which can increase or decrease; market adjustment comes in eight varieties. Four involve a shift of EITHER the demand curve OR the supply curve. The other four involve a shift of BOTH the demand curve AND the supply curve.
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LAW: Generally accepted, verified, fundamental principle of nature. Laws have been tested and verified through the scientific method. As a house is constructed from concrete, lumber, and nails, a theory is constructed from laws. To be a fundamental law of nature, a principle must capture a cause-and-effect relationship about the workings of the world. See also | principle | scientific method | science | theory | hypothesis | verification | cause and effect | economic analysis | law of demand | Giffen good | law of increasing opportunity cost | law of supply | law of diminishing marginal utility | law of diminishing marginal returns |
Recommended Citation:LAW, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2025. [Accessed: July 13, 2025].
AmosWEB Encyclonomic WEB*pedia:Additional information on this term can be found at: WEB*pedia: law
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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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YELLOW CHIPPEROON
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Today, you are likely to spend a great deal of time surfing the Internet trying to buy either a flower arrangement in a coffee cup for your father or a how-to book on meeting people. Be on the lookout for gnomes hiding in cypress trees.
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Before 1933, the U.S. dime was legal as payment only in transactions of $10 or less.
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"To sit back and let fate play its hand out, and never influence it, is not the way man was meant to operate." -- John Glenn, astronaut, U.S. senator
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AGI
Adjusted Gross Income
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