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HOMOGENEOUS GOOD: Goods that are either physically identical or at least viewed as identical by buyers. In particular, the producer of a good can not be identified from the good itself. This is a key assumption underlying the perfect competition market structure, and like other assumptions is only approximated in the real world. Agricultural products, metals, and energy goods come as close as any in the real world.
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AGGREGATE DEMAND INCREASE, SHORT-RUN AGGREGATE MARKET A shock to the short-run aggregate market caused by an increase in aggregate demand, resulting in and illustrated by a rightward shift of the aggregate demand curve. An increase in aggregate demand in the short-run aggregate market results in an increase in the price level and an increase in real production. The level of real production resulting from the shock can be greater or less than full-employment real production.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time searching the newspaper want ads hoping to buy either a pair of leather sandals that won't cause blisters or clothing for your kitty cats. Be on the lookout for small children selling products door-to-door.
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The average length of a "business lunch" is about 36 minutes.
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"The truth of the matter is that you always know the right thing to do. The hard part is doing it." -- Norman Schwarzkopf, US Army general
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NYFE
New York Futures Exchange
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