|
|
ECONOMIC SYSTEM: The assorted institutions that society uses to answer the three basic questions of allocation and address the fundamental problem of scarcity. Another, more popular term for economic system is economy. An economy, or economic system, is the structural framework in which households, businesses, and governments undertake the production and consumption decisions that allocate limited resources to satisfy unlimited wants and needs.
Visit the GLOSS*arama
|
|
|
|
|
Lesson 15: Aggregate Market | Unit 3: Doing Curves
|
Page: 14 of 22
|
|
Topic:
Short-Run Equilibrium
|
|
|
Let's identify short-run equilibrium.- The negatively-sloped aggregate demand curve, is labeled AD. This curve is the same as in the long run.
- The SRAS curve is the positively-sloped short-run aggregate supply curve.
- The short-run aggregate market equilibrium at the intersection of the two curves.
At this short-run equilibrium:- The quantities of real production demanded and supplied are equal, buyers and sellers are satisfied, and the price level doesn't change.
- But, we don't know where full employment is located. This equilibrium might involve a surplus or a shortage in the labor market.
|
|
|
|
|
|
|
HORIZONTAL MERGER The consolidation of two or more separately-owned businesses, operating in the same industry and producing competing products, into a single firm. This is one of three types of mergers. The other two are vertical merger--two firms in different stages of the production of one good--and conglomerate merger--two firms in separate, unrelated industries.
Complete Entry | Visit the WEB*pedia |
|
|
BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time flipping through the yellow pages wanting to buy either a replacement washer for your kitchen faucet or a stretchable, flexible watch band. Be on the lookout for slightly overweight pizza delivery guys.
Your Complete Scope
This isn't me! What am I?
|
|
|
Helping spur the U.S. industrial revolution, Thomas Edison patented nearly 1300 inventions, 300 of which came out of his Menlo Park "invention factory" during a four-year period.
|
|
|
"The past is a foreign country; they do things differently there." -- Leslie Poles Hartley, Writer
|
|
IRR
Internal Rate of Return
|
|
|
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
|
|
