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AS: The abbreviaion for aggregate supply, which is the total (or aggregate) real production of final goods and services available in the domestic economy at a range of price levels, during a given time period. Aggregate supply (AS) is one half of the aggregate market analysis; the other half is aggregate demand. Aggregate supply, relates the economy's price level, measured by the GDP price deflator, and aggregate domestic production, measured by real gross domestic product. The aggregate supply relation is generally separated into long-run aggregate supply, in which all prices and wages and flexible and all markets are in equilibrium, and short-run aggregate supply, in which some prices and wage are NOT flexible and some markets are NOT in equilibrium.

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EXCISE TAX: A tax on a specific good. This should be compared with a general sales tax, which is a tax on all (or nearly all) goods sold. The most common excise taxes are on alcohol, tobacco, and gasoline. Excise taxes are used either to discourage consumption of socially undesirable stuff (like alcohol and tobacco) or to raise some easy revenue because the government knows buyers will keep buying regardless of the tax (like alcohol and tobacco).

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RATIONAL BEHAVIOR

The notion that people make decisions based on the desire to obtain the greatest amount of satisfaction. Rational behavior essentially means that people prefer more to less. The presumption of rational behavior underlies most economic analysis, especially that applied to consumer demand theory.

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Today, you are likely to spend a great deal of time looking for a downtown retail store trying to buy either a pair of leather sandals that won't cause blisters or clothing for your kitty cats. Be on the lookout for fairy dust that tastes like salt.
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The standard "debt" notation I.O.U. does not mean "I owe you," but actually stands for "I owe unto..."
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