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PAYROLL TAX: A tax levied on the wage earnings, or payroll, of workers. The most notable, if nothing else in terms of sheer dollar amount, is the Social Security tax.
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Lesson 16: Aggregate Shocks | Unit 3: Basic Shifts
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Page: 8 of 21
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Topic:
AD Increase: Long Run
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The long-run equilibrium is given by the intersection of the negatively-sloped AD curve and the vertical LRAS.- An increase in AD results in a new long-run equilibrium.
- At the new equilibrium, real production does not change, it stays at Qf. The price level increases from Po to P1.
- We're missing a lot of short-run action that occurs as we go from one long-run equilibrium to another.
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LIMITED LIABILITY A condition in which owners of a business are not personally held responsible for the debts created by the business. Corporations are the most noted types of business organizations in which owners have limited liability. Limited liability makes it possible for a business to accumulate large sums of money and thus to take advantage of large scale production. The alternative to limited liability is unlimited liability, a characteristic of proprietorships and partnerships.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors hoping to buy either a rechargeable battery for your cell phone or a T-shirt commemorating the 2000 Olympics. Be on the lookout for telephone calls from long-lost relatives.
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This isn't me! What am I?
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The word "fiscal" is derived from a Latin word meaning "moneybag."
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"What gets measured gets done." -- Peter Drucker, educator
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CRRA
Constant Relative Risk Aversion
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