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BUDGET SURPLUS: An excess of budgetary revenues over expenditures. This seemingly rare event is in fact commonly practiced by many state and local governments -- albeit often because of constitutional mandates. The federal government has even accomplished this feat once or twice. Consumers operate a budget surplus whenever they're able to put a little bit of their income into saving.
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LONG RUN, MACROECONOMICS In terms of the macroeconomic analysis of the aggregate market, a period of time in which all prices, especially wages, are flexible, and are able to achieve equilibrium levels. This is one of two macroeconomic time designations; the other is the short run. Long-run wage and price flexibility means that ALL markets, including resource markets and most notably labor markets, are in equilibrium, with neither surpluses nor shortages. Wage and price flexibility and the resulting resource market equilibria are the reason for the vertical long-run aggregate supply curve.
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The first paper notes printed in the United States were in denominations of 1 cent, 5 cents, 25 cents, and 50 cents.
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"We should never allow ourselves to be bullied by an either-or. There is often the possibility of something better than either of those two alternatives. " -- Mary Parker Follett, management coach
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AR
Average Revenue, Autoregressive
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