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LIVING STANDARD: In principle, an economy's ability to produce the goods and services that consumers use to satisfy their wants and needs. In practice, it is the average real gross domestic product per person--usually given the name per capita real GDP.
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SHORT RUN, MACROECONOMICS In terms of macroeconomic analysis, especially the aggregate market (AS-AD) analysis, a period of time in which some prices, notably wages, are rigid, inflexible, or otherwise in the process of adjusting. This is one of two macroeconomic time designations; the other is the long run. Short-run wage and price rigidity prevents some markets, especially resource markets and most notably labor markets, from achieving equilibrium. Wage and price rigidity and the resulting resource market imbalances are the source of the positively-sloped short-run aggregate supply curve.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time driving to a factory outlet wanting to buy either a birthday gift for your grandmother or a T-shirt commemorating yesterday. Be on the lookout for slightly overweight pizza delivery guys.
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John Maynard Keynes was born the same year Karl Marx died.
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"Do you want to be safe and good, or do you want to take a chance and be great?" -- Jimmy Johnson, Football Coach
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ATM
Automated Teller Machine
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