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March 23, 2019 

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SCARCE: The general condition indicating that a good or resource is limited relative to the what people want. In terms of ALL resources and goods throughout society, the related term scarcity is used. Being scarce is what makes it possible to exchange goods and resources through markets, and most importantly, charge a price. If a good is not scarce, which means that the economy has more than enough to satisfy all available uses, then there is no way to sell it. Who would buy such an item, pay a price for it, give up something of value in exchange for it, when it is so abundant? Likewise, if a item is so abundant, using it to satisfy one use does not impose an opportunity cost on other uses.

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PRIME RATE: The interest rate banks charge their best, most credit-worthy customers. This is one of the key interest rates in the economy, and it is watched closely by financial types, government policy makers, and businesses. It's also an interest rate that should be watched closely by consumers who have loans with adjustable rates, like credit cards, that are "pegged" to the prime rate. Any movement in the prime rate triggers an automatic change in these adjustable rates.

     See also | interest rate | bank | federal funds rate | discount rate |


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AGGREGATE SUPPLY INCREASE, LONG-RUN AGGREGATE MARKET

A shock to the long-run aggregate market caused by an increase in aggregate supply, resulting in and illustrated by a rightward shift of the long-run aggregate supply curve. An increase in aggregate supply in the long-run aggregate market results in a decrease in the price level and an increase in real production. The level of real production resulting from the shock is a greater level of full-employment real production.

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