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DEMERIT GOOD: A good that society, usually government, deems is overvalued by consumers in normal market exchanges. As such, governments typically restrict the consumption of demerit goods through policies such as taxes or direct government control. Demerit goods are often have characteristics of quasi-public goods or externality by-products. Examples include tobacco and narcotic drugs. The counter type of good is a merit good.
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DISEQUILIBRIUM, SHORT-RUN AGGREGATE MARKET The state of the short-run aggregate market in which aggregate expenditures are NOT equal to real production, which result in imbalances that induce changes in the price level, aggregate expenditures, and real production. In other words, the opposing forces of aggregate demand (the buyers) and short-run aggregate supply (the sellers) are out of balance. At the existing price level, either the four macroeconomic sectors (household, business, government, and foreign) are unable to purchase all of the real production that they seek or producers are unable to sell all of the real production that they have.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time touring the new suburban shopping complex trying to buy either a package of 4 by 6 index cards, the ones with lines or a 50 foot extension cord. Be on the lookout for rusty deck screws.
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In the Middle Ages, pepper was used for bartering, and it was often more valuable and stable in value than gold.
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"In a decisive set, confidence is the difference. " -- Chris Evert, tennis champion
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