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SHORT-RUN EQUILIBRIUM: The condition that exists for the aggregate market when the product and financial markets are in equilibrium, but the resource markets are not. This condition results in the short run because of worker misperceptions about real wages and/or rigid wages and prices. It is represented by the intersection of the AD (aggregate demand) curve and the SRAS (short-run aggregate supply) curve and can be greater than or less than full employment.
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Lesson 5: Market Demand | Unit 3: Demand Curve
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Page: 12 of 20
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- How a demand schedule, which is a table of price/quantity numbers, can be used to illustrate demand and the law of demand.
- How a demand curve can be derived from a demand schedule by plotting the price/quantity pairs, and how the negative slope of this demand curve also reflects the law of demand.
- Demand space as the area beneath a demand curve and that the demand price on the demand curve is the upper limit of buyers' demand space.
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DOUBLE COUNTING The act of including the value of intermediate goods more than once in the value of gross domestic product. Because the value, or price, of final goods includes the cost, or value, of all intermediate goods used in production, including market transactions for intermediate goods separately in the measurement of gross domestic product leads to double counting.
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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time at the confiscated property police auction hoping to buy either a travel case for you toothbrush or a looseleaf notebook binder. Be on the lookout for jovial bank tellers.
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Only 1% of the U.S. population paid income taxes when the income tax was established in 1914.
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"Old age isn't so bad when you consider the alternative. " -- Cato, Roman orator
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DIDMCA
Depository Institutions Deregulation and Monetary Control Act
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