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March 25, 2017 

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AD-AS ANALYSIS: An economic model relating the price level and real production that is used to analyze business cycles, gross domestic product, unemployment, inflation, stabilization policies, and related macroeconomic phenomena. The AS-AD model, inspired by the standard market model, captures the interaction between aggregate demand (the buyers) and short-run and long-run aggregate supply (the sellers).

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MARKET CLEARING: The price and quantity that equates the quantity demanded and quantity supplied; equates the demand price and supply price; and achieves market equilibrium. In other words, the market is "cleared" of shortages and surpluses.

     See also | quantity demanded | quantity supplied | shortage | surplus | market equilibrium | equilibrium price | equilibrium quantity | market disequilibrium |


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CHANGE IN QUANTITY DEMANDED

A movement along a given demand curve caused by a change in demand price. The only factor that can cause a change in quantity demanded is price. A related, but distinct, concept is a change in demand.

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APLS

State of the ECONOMY

Personal Income
November 2016
$16,233.8 billion
Up 0.1% from Oct. 2016

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GRAY SKITTERY
[What's This?]

Today, you are likely to spend a great deal of time at a crowded estate auction trying to buy either a pair of designer sunglasses or looseleaf notebook paper. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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In his older years, Andrew Carnegie seldom carried money because he was offended by its sight and touch.
"Success is the ability to go from one failure to another with no loss of enthusiasm."

-- Sir Winston Churchill

ILS
Indirect Least Squares, International Labor Standards
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