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FEDERAL INSURANCE CONTRIBUTIONS ACT: Commonly abbreviated FICA, this act passed in 1939 established payroll deductions from wage-earning employees and the employers for the Social Security system. This is the noted Social Security tax that wage earners pay and which is then used to provide Social Security benefits to the elderly, disable, and qualified dependents.
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STABLE EQUILIBRIUM: An equilibrium that is restored if disrupted by an external force. This should be contrasted with unstable equilibrium. Most equilibria studied in economics are of the stable variety. The most common example is market equilibrium. Should the existing market equilibrium be disrupted by a change in one of the demand or supply determinants, the resulting shortage or surplus causes the price to change, which causes changes in quantity demanded and quantity supplied needed to restore equilibrium. The new equilibrium may by, and probably is, at a different equilibrium price and quantity, but it is equilibrium, and it will remain there until disrupted by an external force. See also | equilibrium | unstable equilibrium | disequilibrium | market equilibrium | demand determinants | supply determinants | shortage | surplus | equilibrium price | equilibrium quantity |
Recommended Citation:STABLE EQUILIBRIUM, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2018. [Accessed: July 22, 2018].
AmosWEB Encyclonomic WEB*pedia:Additional information on this term can be found at: WEB*pedia: stable equilibrium
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MACROECONOMIC THEORIES Scientific theories that seek to explain phenomena associated with the macroeconomy. The primary phenomena investigated are unemployment, inflation, and the level of aggregate production. Macroeconomic theories also inevitably provide policy recommendations intended to improve the performance of the economy and to correct macroeconomic problems. A few of the more noted macroeconomic theories are: Classical economics, Keynesian economics, aggregate market (AS-AD) analysis, IS-LM analysis, Monetarism, and New Classical economics.
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Okun's Law posits that the unemployment rate increases by 1% for every 2% gap between real GDP and full-employment real GDP.
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"You can't build a reputation on what you are going to do." -- Henry Ford, automaker
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GSP
Gross State Product, Generalized System of Preferences
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