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INFLEXIBLE PRICES: The proposition that some prices adjust slowly in response to market shortages or surpluses. This condition is most important for macroeconomic activity in the short run and short-run aggregate market analysis. In particular, inflexible (also termed rigid or sticky) prices are a key reason underlying the positive slope of the short-run aggregate supply curve. Prices tend to be the most inflexible in resource markets, especially labor markets, and the least inflexible in financial markets, with product markets falling somewhere in between.
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Lesson 6: Supply | Unit 4: Determinants
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Page: 12 of 19
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Topic:
Ceteris Paribus Factors
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Ceteris paribus is the notion that other things remain constant. We make this assumption because things other than price affect supply.- These other, ceteris paribus factors, give us useful analytical tools for examining supply and the market.
- We can turn these factors off and on to better understand how the market works.
- The ceteris paribus factors are called determinants of supply.
Once again, we apologize for the instructors feeble attempt to speak Spanish. We warned him, but he wouldn't listen.He has been placed on double-secret probation. Once again, we regret any inconvenience this may have caused. -The Management
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GOVERNMENT PURCHASES LINE A graphical depiction of the relation between government purchases by the government sector and the economy's aggregate level of income or production. This relation plays a key role in the study of Keynesian economics. A government purchases line is characterized by vertical intercept, which indicates autonomous government purchases, and slope, which is the marginal propensity for government purchases and indicates induced government purchases. The aggregate expenditures line used in Keynesian economics is derived by adding or stacking the government purchases line onto the consumption line, as well as investment expenditures and net exports.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time looking for a downtown retail store seeking to buy either a computer that can play video games and burn DVDs or a black duffle bag with velcro closures. Be on the lookout for mail order catalogs with hidden messages.
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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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"Laughter is the shortest distance between two people. " -- Victor Borge, musician, humorist
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LAN
Locally Asymptotically Normal
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