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KEYNESIAN AGGREGATE SUPPLY CURVE: A modification of the standard aggregate supply curve used in the aggregate market (or AD-AD) analysis to reflect the basic assumptions of Keynesian economics. The Keynesian aggregate supply curve contains either two or three segments. The strict Keynesian aggregate supply curve contains two segments, a vertical classical range and a horizontal Keynesian range, meeting a right angle and forming a reverse L-shape. An alternative version replaces the right angle intersection with a gradual transition between the two segments that is positively sloped and termed the intermediate range. The modern aggregate supply curve is largely based on this intermediate range.
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M: The standard abbreviation for imports produced by the domestic economy and purchased by the foreign sector, especially when used in the study of macroeconomics. This abbreviation is most often seen in the aggregate expenditure equation, AE = C + I + G + (X - M), where C, I, G, and (X - M) represent expenditures by the four macroeconomic sectors, household, business, government, and foreign. The United States, for example, buys a lot of the stuff produced within the boundaries of other countries, including bananas, coffee, cars, chocolate, computers, and, well, a lot of other products. Imports, together with exports, are the essence of foreign trade--goods and services that are traded among the citizens of different nations. Imports and exports are frequently combined into a single term, net exports (exports minus imports). See also | imports | exports | net exports | foreign sector | aggregate expenditures | consumption expenditures | investment expenditures | government purchases | domestic | foreign trade | balance of trade | free trade | trade barriers | quota | comparative advantage | C | I | G | M |
Recommended Citation:M, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2025. [Accessed: January 25, 2025].
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POLITICAL ENTREPRENEURS Election seeking politicians who undertake risks inherent in the allocation of resources made through government actions. Like business entrepreneurs, political entrepreneurs take risks and organize production. They organize production with government laws, regulations, and policies. They run the risk of failed policies and losing elections. Their utility-maximizing actions are also a prime source of government failure. Falling victim to the principal-agent problem, pursuit of their own satisfaction (winning elections) often conflicts with what is best for the rest of society.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time at a going out of business sale trying to buy either a bookshelf that will fit in your closet or a birthday greeting card for your grandfather. Be on the lookout for gnomes hiding in cypress trees.
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The first U.S. fire insurance company was established by Benjamin Franklin in 1752 in Philadelphia.
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"The creative is the place where no one else has ever been. the You have to leave the city of your comfort and go into wilderness of your intuition. What you'll discover will be wonderful. What you'll discover will be yourself." -- Alan Alda, Actor
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PBOT
Phildelphia Board of Trade
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