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July 14, 2025 

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SHORT RUN, MACROECONOMICS: In terms of the macroeconomic analysis of the aggregate market, a period of time in which some prices, especially wages, are rigid, inflexible, or otherwise in the process of adjusting. This is one of two macroeconomic time designations; the other is the long run (you might want to see short-run production, too). Short-run wage and price rigidity prevents some markets, especially resources markets and most notably labor markets, from achieving equilibrium. Wage and price rigidity and the resulting resource market imbalances are the source of the positively-sloped short-run aggregate supply curve.

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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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CYCLICAL UNEMPLOYMENT

Unemployment attributable to a general decline in macroeconomic activity, especially expenditures on gross domestic product, that occurs during a business-cycle contraction. When the economy dips into a contraction, or recession, aggregate demand declines, so less output is produced and fewer workers and other resources are employed. Hence unemployment of the cyclical variety increases. Cyclical unemployment is one of four unemployment sources. The other three are seasonal unemployment, frictional unemployment, and structural unemployment.

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Today, you are likely to spend a great deal of time at a crowded estate auction wanting to buy either a pair of red and purple designer socks or a T-shirt commemorating Thor Heyerdahl's Pacific crossing aboard the Kon-Tiki. Be on the lookout for malfunctioning pocket calculators.
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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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