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PRICE ELASTICITY OF SUPPLY: The relative response of a change in quantity supplied to a relative change in price. More specifically the price elasticity of supply can be defined as the percentage change in quantity supplied due to a percentage change in supply price. The price elasticity of supply should be contrasted with the price elasticity of demand.

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LABOR MARKET: A market that exchanges the services of labor resources. For the macroeconomy, this is a critical aspect of the aggregate resource markets, especially the short-run condition of rigid prices. Labor market wages tend to be rigid in short run. Such wage rigidity, was well as other short run problems, prevent labor markets from achieve equilibrium. The result is either unemployment or overemployment, both of which prevent long-run equilibrium in the aggregate market.

     See also | market | labor | wage | resource markets | short run | long run | aggregate market | short-run equilibrium | long-run equilibrium | unemployment | overemployment |


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HYPOTHESIS

A reasonable proposition about the workings of the world that is inspired or implied by a theory and which may or may not be true. A hypothesis is essentially a prediction made by a theory that can be compared with observations in the real world. A hypothesis usually takes the form: "If A, then also B." The essence of the scientific method is to test, or verify, hypotheses against real world data. If supported by data over and over again, a hypothesis becomes a principle.

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