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LONG-RUN 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 period of time in which all prices, especially wages, are flexible, and have achieved their equilibrium levels. Long-run aggregate supply (LRAS) is one of two aggregate supply alternatives, distinguished by the degree of price flexibility; the other is short-run aggregate supply (SRAS).
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MACROECONOMIC SECTORS The four aggregate sectors of the macroeconomy--household, business, government, and foreign--that reflect four key macroeconomic functions and are responsible for four expenditures on gross domestic product. These four sectors are the primary "actors" on the macroeconomic stage. Macroeconomic theories then explain macroeconomic phenomena by exploring the interaction among these four sectors.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club hoping to buy either a pair of red goulashes with shiny buckles or a handcrafted bird feeder. Be on the lookout for poorly written technical manuals.
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This isn't me! What am I?
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The average bank teller loses about $250 every year.
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"There's only one corner of the universe you can be certain of improving and that's your own self. " -- Aldous Huxley, writer
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MSE
Mean Squared Error
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