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July 18, 2018 

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BRAND PREFERENCE: The amount of brand loyalty a customer has toward a specific product or service. Some customers are fanatical about a certain brand and will not switch or even consider another substitute. That being said, brand loyalty is sometimes very sensitive to price fluctuations. In the soft drink industry, many consumers will switch back and forth between Pepsi and Coke, depending on which is on sale. These consumers might prefer one product to the other, but are not absolutely loyal or brand insistent.

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PRICE STABILITY: The condition in which the average price level in the economy does not change or changes very slowly. This is a key part of the macroeconomic goal of stability (the other two are full employment and growth). Price stability is commonly indicated by the inflation rate, calculated as percentage changes in either the Consumer Price Index (CPI) or the GDP price deflator. However, price stability is more generally the ABSENCE of large or rapid increases or decreases in the price level.

     See also | economic goals | macro goals | stability | full employment | growth | inflation | inflation rate | Consumer Price Index | GDP price deflator | price level |


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AGGREGATE SUPPLY

The total (or aggregate) real production of final goods and services available in the domestic economy at a range of price levels, during a given time period. Aggregate supply, usually abbreviated AS, is two different relations between price level and real production--long run and short run. With long-run aggregate supply, prices and wages are flexible and all markets are in equilibrium. With short-run aggregate supply some prices and wage are NOT flexible and some markets are NOT in equilibrium. This is one half of the AS-AD (aggregate market) analysis. The other half is aggregate demand.

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Paper money used by the Commonwealth of Massachusetts prior to the U.S. Revolutionary War, which was issued against the dictates of Britain, was designed by patriot and silversmith, Paul Revere.
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