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July 16, 2018 

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LOSS LEADER: Products sold below cost by a retail store in an attempt to attract buyers who are likely to buy other, more expensive, stuff. Stores are very fond of advertising and even selling popular products at very low prices. However, they hope that once customers have seen fit to enter their stores, then the suckers, er, customers will decide to buy other products that aren't so popular or so low priced. These popular, low-priced products are loss leaders. Sure the store loses profit on the products, but they make up these loses on other stuff.

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STAGFLATION: High inflation rates at the same time the economy has high unemployment rates. Throughout much of the economic history of the good old U. S. of A., we've seen a tradeoff between inflation and unemployment. During an expansion, inflation is usually higher and unemployment is lower. The opposite has tended to occur during a recession. In the 1970s, however, inflation worsened at the same time the economy dropped into a recession. This led economists not only to coin the term stagflation (stagnation + inflation), but also to reevaluate the existing explanation of how the economy works.

     See also | inflation rate | unemployment rate | contraction | inflation | unemployment | misery index |


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STAGFLATION, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2018. [Accessed: July 16, 2018].


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FLEXIBLE PRICES

The proposition that prices adjust in the long run in response to market shortages or surpluses. This condition is most important for long-run macroeconomic activity and long-run aggregate market analysis. In particular, flexible prices are the key reason for the vertical slope of the long-run aggregate supply curve. This proposition is also central to the original classical theory of macroeconomics and to modern variations, including rational expectations, new classical theory, and supply-side economics.

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