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EQUILIBRIUM, SHORT-RUN AGGREGATE MARKET: The state of equilibrium that exists in the short-run aggregate market when real aggregate expenditures are equal to full employment real production with no imbalances to induce changes in the price level or real production. In other words, the opposing forces of aggregate demand (the buyers) and short-run aggregate supply (the sellers) exactly offset each other. Equilibrium in the short-run aggregate market achieves balance in the product markets and financial markets, but not in the resource markets. It also involves simultaneous equilibrium in the aggregated financial and resource markets.
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GROSS DOMESTIC INCOME The total market value of all final goods and services produced within the political boundaries of an economy during a given period of time, usually a year, as calculated using the income approach to measuring gross domestic product. Gross domestic income (GDI) is virtually identical to gross domestic product (GDP), with one minor difference, the statistical discrepancy. As a matter of fact, the statistical discrepancy is calculated as the difference between GDP and GDI.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time watching infomercials trying to buy either a wall poster commemorating the 2000 Olympics or a flower arrangement with a lot of roses for your grandmother. Be on the lookout for small children selling products door-to-door.
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This isn't me! What am I?
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In his older years, Andrew Carnegie seldom carried money because he was offended by its sight and touch.
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"The true idealist pursues what his heart says is right in a way that his head says will work. " -- Richard Nixon, 37th US president
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CBOE
Chicago Board Options Exchange
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