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BACKSTOP RESOURCE: A sustainable, renewable natural resource that is used in place of, and as a substitute for, finite, exhaustible natural resources that have been exhausted. A sustainable resource is one in which the amount used today cannot reduce the amount available tomorrow.The best example is solar energy. No matter how much solar energy we use today, the same amount reaches the planet every day in the future. A backstop resource is then a sustainable resource, like solar energy, that society uses after finite resources, like fossil fuels, have been exhausted. In fact, solar energy is often considered THE backstop energy resource. It represents THE "safety net" that's available when fossil fuels are depleted.

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Lesson 14: Aggregate Supply | Unit 5: Connections Page: 18 of 20

Topic: Self-Correction <=PAGE BACK | PAGE NEXT=>

The aggregate market has a self-correcting mechanism that ensures the long-run full-employment equilibrium will be reached by itself, without government policies.

The predicament:

  • Long run means full employment and flexible prices.
  • Short run means price rigidity without full employment.
The automatic, self-correcting solution:
  1. Disequilibrium in the labor market exerts pressure on wages to correct the imbalance, even with wage rigidity.
  2. This automatically moves us from the short run to the long run and full-employment equilibrium.
The critical question: How long does the self-correcting mechanism take? Days? Months? Years?

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AUTONOMOUS NET EXPORTS

Net exports by the foreign sector that do not depend on income or production (especially national income or gross domestic product). That is, changes in income do not generate changes in net exports. Autonomous net exports are best thought of as net exports that the foreign sector undertakes independent of income. They are measured by the intercept term of the net exports line. The alternative to autonomous net exports is induced net exports, which do depend on income.

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APLS

BROWN PRAGMATOX
[What's This?]

Today, you are likely to spend a great deal of time searching for rummage sales looking to buy either income tax software or a how-to book on the art of negotiation. Be on the lookout for strangers with large satchels of used undergarments.
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This isn't me! What am I?

Cyrus McCormick not only invented the reaper for harvesting grain, he also invented the installment payment for selling his reaper.
"Good judgment comes from experience, and often experience comes from bad judgment."

-- Rita Mae Brown ‚ Writer

ASEAN
Association of South East Asian Nations
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