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BUYERS' EXPECTATIONS, DEMAND DETERMINANT: The expectations that buyers have concerning the future price of a good, which is assumed constant when a demand curve is constructed. Buyers' expectations are one of five demand determinants that shift the demand curve when they change. The other four are buyers' income, buyers' preferences, other prices, and number of buyers.
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SHORT RUN: In terms of the macroeconomic analysis of the aggregate market, a period of time in which some prices, especially wages, are rigid, inflexible, or otherwise in the process of adjusting. Short-run wage and price rigidity prevents some markets, especially resources markets and most notably labor markets, from achieving equilibrium. In terms of the microeconomic analysis of production and supply, a period of time in which at least one input in the production process is variable and one is fixed. In the microeconomic analysis, the short run is primarily used to analyze production decisions for a firm. See also | fixed input | variable input | inflexible prices | short-run production | macroeconomics | microeconomics |
Recommended Citation:SHORT RUN, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2023. [Accessed: September 21, 2023].
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FALLACY OF COMPOSITION The logical fallacy of arguing that what is true for the parts is also true for the whole. In the study of economics, this takes the form of assuming that what works for parts of the economy, such as households or businesses, also works for the aggregate, or macroeconomy. The contrasting fallacy is the fallacy of division.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time calling an endless list of 800 numbers hoping to buy either a three-hole paper punch or decorative picture frames. Be on the lookout for fairy dust that tastes like salt.
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The earliest known use of paper currency was about 1270 in China during the rule of Kubla Khan.
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"Man is born to live, not to prepare for life. " -- Boris Pasternak, writer
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ARP
Average Revenue Product
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