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AD-AS MODEL: An economic model relating the price level and real production that is used to analyze business cycles, gross domestic product, unemployment, inflation, stabilization policies, and related macroeconomic phenomena. The AS-AD model, inspired by the standard market model, captures the interaction between aggregate demand (the buyers) and short-run and long-run aggregate supply (the sellers).
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EQUILIBRIUM A state that exists when opposing forces are in balance, with each force exactly offsetting the other, such that there is no inherent tendency for change. Once achieved, an equilibrium persists unless or until it is disrupted by an outside force. The notion of equilibrium is an essential feature in most economic models, such as the market model.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time searching the newspaper want ads trying to buy either a video camera with stop action features or one of those memory foam pillows. Be on the lookout for telephone calls from former employers.
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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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"Don't be afraid of the space between your dreams and reality. If you can dream it, you can make it so." -- Belva Davis, Journalist
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G7
Group of Seven
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