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SHORT-RUN EQUILIBRIUM: The condition that exists for the aggregate market when the product and financial markets are in equilibrium, but the resource markets are not. This condition results in the short run because of worker misperceptions about real wages and/or rigid wages and prices. It is represented by the intersection of the AD (aggregate demand) curve and the SRAS (short-run aggregate supply) curve and can be greater than or less than full employment.
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POLITICAL BUSINESS CYCLES The notion that business cycles are caused by elected government leaders who manipulate the economy to achieve personal political goals, that is, to be re-elected and remain in office. The leaders stimulate the economy leading up to an election, creating a business-cycle expansion that ensures (they hope) re-election, they then induce a business-cycle contraction after the election to correct problems created by the pre-election stimulation. This explanation suggests that government is the source of business cycles are should not be allowed to implement discretionary stabilization policies.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway hoping to buy either a black duffle bag with velcro closures or any book written by Isaac Asimov. Be on the lookout for the happiest person in the room.
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This isn't me! What am I?
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Al Capone's business card said he was a used furniture dealer.
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"Only great minds can afford a simple style." -- Stendhal, writer
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APR
Annual Percentage Rate
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