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SCARCE RESOURCE: A resource with an available quantity less than its desired use. Scarce resources are also called factors of production. Scarce goods are also termed economic goods. Scarce resources are used to produce scarce goods. Like the more general society-wide condition of scarcity, a given resource is scarce because it has a limited availability in combination with a greater (potentially unlimited) productive use. It's both of these that make it scarce. In other words, even though an item is quite limited it will not be a scarce resource if it has few if any uses (think pocket lint and free good).
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SHORT RUN, MACROECONOMICS: 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. This is one of two macroeconomic time designations; the other is the long run (you might want to see short-run production, too). Short-run wage and price rigidity prevents some markets, especially resources 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. See also | short run | macroeconomics | aggregate market | short-run aggregate market | short-run equilibrium | product markets | financial markets | resource markets | inflexible wages | aggregate demand | short-run aggregate supply | short-run aggregate supply curve | full employment | recessionary gap | inflationary gap | long-run equilibrium | self-correction, aggregate market |
Recommended Citation:SHORT RUN, MACROECONOMICS, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2026. [Accessed: April 11, 2026].
AmosWEB Encyclonomic WEB*pedia:Additional information on this term can be found at: WEB*pedia: short run, macroeconomics
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FALLACY OF MASS APPEAL The logical fallacy of arguing that something is "correct" or "true" because a majority of the population thinks so. This is commonly used by both advertisers and politicians. Just because something is popular, does not mean it is "right." In fact, a cynic might argue that being popular probably makes it "wrong."
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GRAY SKITTERY
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Today, you are likely to spend a great deal of time looking for a downtown retail store looking to buy either a travel case for you toothbrush or a looseleaf notebook binder. Be on the lookout for malfunctioning pocket calculators.
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Okun's Law posits that the unemployment rate increases by 1% for every 2% gap between real GDP and full-employment real GDP.
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"He, who every morning plans the transactions of the day, and follows that plan, carries a thread that will guide him through a labyrinth of the most busy life." -- Victor Hugo, Writer
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NEDC
National Economic Development Council
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