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AD-AS ANALYSIS: 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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INSTITUTION

An established method or way of performing an activity that is widely accepted throughout society. Institutions provide the rules, guidelines, and structure needed to carry out day-to-day economic activities, such as production, consumption, and exchange.

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BROWN PRAGMATOX
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Today, you are likely to spend a great deal of time strolling through a department store hoping to buy either a coffee table shaped like the state of Florida or storage boxes for your summer clothes. Be on the lookout for telephone calls from former employers.
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In the late 1800s and early 1900s, almost 2 million children were employed as factory workers.
"It has been my philosophy of life that difficulties vanish when faced boldly. "

-- Isaac Asimov

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