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AD-AS MODEL: An economic model relating the price level and real production that is used to analyze business cycles, gross domestic product, unemployment, inflation, stabilization policies, and related macroeconomic phenomena. The AS-AD model, inspired by the standard market model, captures the interaction between aggregate demand (the buyers) and short-run and long-run aggregate supply (the sellers).
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SLOPE, SHORT-RUN AGGREGATE SUPPLY CURVE The positive slope of the short-run aggregate supply curve, reflecting the direct relation between the price level and real production, results for three primary reasons--inflexible resources, frictional and structural unemployment, and purchasing power imbalances.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time wandering around the downtown area hoping to buy either a video camera with stop action features or one of those memory foam pillows. Be on the lookout for broken fingernail clippers.
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The average length of a "business lunch" is about 36 minutes.
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"The greatest barrier to success is the fear of failure." -- Sven Goran Eriksson, writer
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LTT
Long-Term Trend
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