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LONG RUN: In terms of the macroeconomic analysis of the aggregate market, a period of time in which all prices, especially wages, are flexible, and have achieved their equilibrium levels. In terms of the microeconomic analysis of production and supply, a period of time in which all inputs in the production process are variable.
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AGGREGATE DEMAND CURVE: A graphical representation of the relation between aggregate expenditures on real production and the price level, holding all ceteris paribus aggregate demand determinants constant. The aggregate demand, or AD, curve is one side of the graphical presentation of the aggregate market. The other side is occupied by the aggregate supply curve (which is actually two curves, the long-run aggregate supply curve and the short-run aggregate supply curve). The negative slope of the aggregate demand curve captures the inverse relation between aggregate expenditures on real production and the price level. This negative slope is attributable to the interest-rate effect, real-balance effect, and net-export effect. See also | aggregate demand | aggregate market | aggregate supply curve | aggregate expenditures | real production | price level | ceteris paribus | aggregate demand determinants | interest-rate effect | real-balance effect | net-export effect |
Recommended Citation:AGGREGATE DEMAND CURVE, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2025. [Accessed: July 10, 2025].
AmosWEB Encyclonomic WEB*pedia:Additional information on this term can be found at: WEB*pedia: aggregate demand curve
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STORE OF VALUE The money function in which money is used as a means of postponing the satisfaction obtained from using or consuming goods until a later time. Value is obtained from a good when it is consumed, when it is used to satisfy wants and needs. The value from consuming goods can be stored in several different ways, one of which is money. This is one of four basic functions of money. The other three are medium of exchange, unit of account, and standard of deferred payment.
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Today, you are likely to spend a great deal of time at a going out of business sale looking to buy either a coffee cup commemorating the first day of spring or a printer that works with your stockpile of ink cartridges. Be on the lookout for slow moving vehicles with darkened windows.
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Al Capone's business card said he was a used furniture dealer.
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