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EMBARGO: In general, any sort of restriction on foreign trade, in practice, the restriction of exports destined for sale in another country. Unlike tariffs, import quotas, and other nontariff barriers that protect domestic producers from competition, embargoes are intended to punish the export destination country. One of the more famous embargoes in recent decades was the oil embargo that several middle-eastern countries imposed on the United States in the 1970s. This caused higher gasoline prices in the United States, created all sorts of havoc for our economy, and pretty much achieved the punishment objective. The United States is also prone to throw up an embargo here or there when another country acts against our political wishes.
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SHORT-RUN AGGREGATE SUPPLY AND MARKET SUPPLY The short-run aggregate supply curve, or SRAS curve, has similarities to, but differences from, the standard market supply curve. Both are positively sloped. Both relate price and quantity. However, the market supply curve is positively sloped due to the law of diminishing marginal returns and the short-run aggregate supply curve is positively-sloped due to inflexible prices, the pool of natural unemployment, and imbalances in real resource prices.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time wandering around the shopping mall seeking to buy either several magazines on computer software or a T-shirt commemorating the second moon landing. Be on the lookout for celebrities who speak directly to you through your television.
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This isn't me! What am I?
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The wealthy industrialist, Andrew Carnegie, was once removed from a London tram because he lacked the money needed for the fare.
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"Divide each difficulty into as many parts as is feasible and necessary to resolve it." -- Rene Descartes
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R&D
Research and Development
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