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GDI: The abbreviation for gross domestic income, which is the total market value of all final goods and services produced within the political boundaries of an economy during a given period of time, usually a year, as calculated using the income approach to measuring gross domestic product. Gross domestic income is virtually identical to gross domestic product (GDP), with one minor difference, the statistical discrepancy. As a matter of fact, the statistical discrepancy is identified as the difference between GDP and GDI.
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Lesson 14: Aggregate Supply | Unit 2: Two Options
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Page: 5 of 20
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In the long run all prices are flexible, which ensures that all markets are in equilibrium.- Prices rise to eliminate market shortages and fall to eliminate market surpluses, resulting in equilibrium.
- Equilibrium in the labor market is particularly important:
- In the long run, the labor market is characterized by both flexible prices and full employment.
- The economy is operating on the boundary of the production possibilities curve.
- The time it takes prices to adjust to correct market disequilibrium and get to the long run is critical to the study of macroeconomics and government policies.
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BANK RESERVES Assets used by banks to back up deposits and to conduct daily transactions, including withdrawing funds, "cashing" checks, and transferring funds between banks to "clear" checks. Reserves, also termed bank reserves or legal reserves, includes two types of assets: vault cash and Federal Reserve deposits. These legal reserves are then divided between require reserves and excess reserves. Required reserves are used to back up deposits and excess reserves are used for loans.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius wanting to buy either a video camera with stop action features or one of those memory foam pillows. Be on the lookout for the happiest person in the room.
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Natural gas has no odor. The smell is added artificially so that leaks can be detected.
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"The past is a foreign country; they do things differently there." -- Leslie Poles Hartley, Writer
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LRMC
Long Run Marginal Cost
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