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LRAS CURVE: The abbreviation of long-run aggregate supply, which is the long-run relation between real production and the price level, holding all ceteris paribus aggregate supply determinants constant. The LRAS curve is one of two curves that graphical capture the supply-side of the aggregate market; the other is the short-run aggregate supply curve (SRAS). The demand-side of the aggregate market is occupied by the aggregate demand curve. The vertical LRAS curve captures the independent relation between real production and the price level that exists in the long run.
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LAW OF DEMAND: The inverse relationship between demand price and the quantity demanded, ceteris paribus. This fundamental economic principle indicates that as the price of a commodity decreases, then the quantity of the commodity that buyers are able and willing to purchase in a given period of time, if other factors are held constant, increases. This law is incredibly important to the study of economics. If you compiled a top ten list of economically important laws, the law of demand would be right there at the top. See also | demand | demand price | quantity demanded | law | ceteris paribus | principle | scientific method | cause and effect | demand curve | slope | income effect | substitution effect | purchasing power | substitute | law of supply | market |
Recommended Citation:LAW OF DEMAND, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: September 16, 2024].
AmosWEB Encyclonomic WEB*pedia:Additional information on this term can be found at: WEB*pedia: law of demand
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EMPLOYED PERSONS People who are actively engaged in the production of goods and services. This is one of three official categories used to classify individuals by the Bureau of Labor Statistics (BLS) based on information obtained from the Current Population Survey. The other two categories are unemployed persons and not in the labor force. The sum of employed persons and unemployed persons constitutes the civilian labor force.
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GREEN LOGIGUIN
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Today, you are likely to spend a great deal of time at a dollar discount store hoping to buy either a genuine down-filled snow parka or throw pillows for your living room sofa. Be on the lookout for letters from the Internal Revenue Service.
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One of the largest markets for gold in the United States is the manufacturing of class rings.
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"You need just the right amount of ambition . . . If you have too little ambition, you don't push or work hard. If you have too much ambition, you put yourself ahead of others, elbow them out of your way. " -- Andy Grove, Intel chairman and co-founder
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IGARCH
Integrated Generalized Autoregressive Conditional Heteroskedasticity
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