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SELF CORRECTION: The process through which a model, especially the market and the aggregate market, automatically adjust to equilibrium through changes in one of the variables. For the standard market, self-correction involves changes in the market price to eliminate shortages and surpluses. For the aggregate market, self-correction involves changes in wages, which shift the short-run aggregate supply curve and move the aggregate market from short-run equilibrium to long-run equilibrium.
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INCOME CHANGE, UTILITY ANALYSIS A disruption of consumer equilibrium identified with utility analysis caused by changes in the buyers' income, which results in a change in the quantities of the goods consumed. The change in buyers' income alters the income constraint and forces a reevaluation of the rule of consumer equilibrium.
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A lump of pure gold the size of a matchbox can be flattened into a sheet the size of a tennis court!
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"You are younger today than you will ever be again. Make use of it for the sake of tomorrow. " -- Norman Cousins, editor
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CPI-W
Consumer Price Index-Urban Wage Earners and Clerical Workers
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