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AGGREGATE SUPPLY CURVE: A graphical representation of the relation between real production and the price level, holding all ceteris paribus aggregate supply determinants constant. There are actually two separate aggregate supply curves, one for the long run and one for the short run. These aggregate supply curves are one side of the graphical presentation of the aggregate market. The other side is occupied by the aggregate demand curve.
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LUXURY GOOD: In general, a good (or service) that is not essential but makes like more enjoyable. Luxury goods are often more expensive and primarily purchased by people with more wealth and income. Using more precise, technical language, a luxury good exists if the income elasticity of demand is positive and greater than one. In other words, as people receive more income, they devote an increasingly larger share of income to the purchase of luxury goods. See also | good | normal good | inferior good | income elasticity of demand | luxury tax | wealth | Giffen good |
Recommended Citation:LUXURY GOOD, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2018. [Accessed: October 23, 2018].
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ABSOLUTE ADVANTAGE The general ability to produce more goods or services using fewer resources. A person or country has an absolute advantage in production largely due to superior technology or greater technical efficiency. A related, but contrasting concept is comparative advantage. Both terms are perhaps most important to the study of international trade, but also provide insight into other exchanges.
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GRAY SKITTERY
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Today, you are likely to spend a great deal of time strolling through a department store wanting to buy either a wall poster commemorating Thor Heyerdahl's Pacific crossing aboard the Kon-Tiki or decorative garden figurines. Be on the lookout for fairy dust that tastes like salt.
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There were no banks in colonial America before the U.S. Revolutionary War. Anyone seeking a loan did so from another individual.
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"When we do the best we can, we never know what miracle is wrought in our life or in the life of another. " -- Helen Keller, lecturer, author
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MPC
Marginal Propensity to Consume
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