|
|
INDEPENDENT VARIABLE: A variable that is identified outside the workings of the model. Also termed an exogenous variable, an independent variable is in essence the "input" of the model. It should be compared with an endogenous variable this is the "output" of the model.
Visit the GLOSS*arama
|
|
|
|
|
Lesson 14: Aggregate Supply | Unit 2: Two Options
|
Page: 4 of 20
|
Production of goods and services takes time.Two time periods:- Long run A period in which all prices are flexible. Long run price flexibility means that all markets are in equilibrium.
- Short run A period in which some prices are flexible and some are rigid. Short run price rigidity leads to disequilibrium in resource markets, even though product and financial markets are in equilibrium.
- In the short run, disequilibrium in resource markets (especially labor) means that jobs remain unfilled or some workers are unemployed, even though we have equilibrium in the product markets, with satisfied buyers and sellers.
|
|
|
|
|
|
|
RENTAL INCOME OF PERSONS The official item in the National Income and Product Accounts maintained by the Bureau of Economics Analysis measuring rent earned by the household sector for supplying land and related factor services. This is one of five official factor payments making up national income. The other four are compensation of employees, net interest, corporate profits, and proprietors' income. Rental income of persons is typically the smallest of the five factor payment categories, usually less than 5 percent of national income.
Complete Entry | Visit the WEB*pedia |
|
|
|
The wealthy industrialist, Andrew Carnegie, was once removed from a London tram because he lacked the money needed for the fare.
|
|
|
"The greatest things ever done on Earth have been done little by little. " -- William Jennings Bryan
|
|
SSRN
Social Science Research Network
|
|
|
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.
User Feedback
|
|
