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HORIZONTAL EQUITY: A system of taxes that treats equal people equally. In other words, if you make the same income as someone else and pay the same personal income taxes, then you have horizontal equity.
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Lesson 15: Aggregate Market | Unit 3: Doing Curves
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Page: 15 of 22
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- The long-run equilibrium of the aggregate market achieved at the intersection of the aggregate demand and long-run aggregate supply curves.
- What happens when the price level is above or below the long-run equilibrium price level.
- The short-run equilibrium of the aggregate market achieved at the intersection of the aggregate demand and short-run aggregate supply curves.
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LONG RUN, MICROECONOMICS In terms of the microeconomic analysis of production and supply, a period of time in which all inputs under the control of a firm used in the production process are variable. In the long run, labor and capital are variable inputs. The long-run analysis of production reveals the key role played by returns to scale. This is one of four production time periods used in the study of microeconomics. The other three are short run, very long run, and very short run (or market period). The long run is also a time period designation used in the macroeconomic analysis of economic growth and full employment.
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The wealthy industrialist, Andrew Carnegie, was once removed from a London tram because he lacked the money needed for the fare.
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"Plans are only good intentions unless they immediately degenerate into hard work." -- Peter Drucker, management consultant
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SPO
Strongly Pareto Optimal
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