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OPEN ECONOMY: An economy with a great deal of foreign trade. At the extreme, a completely open economy is one that has no trade barriers. Most of the world's hundred-plus nations are relatively open, but much less than they could be because of a wide assortment of trade restrictions. The more an economy is open, the more dependent it is on happenings around the world.
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AGGREGATE SUPPLY The total (or aggregate) real production of final goods and services available in the domestic economy at a range of price levels, during a given time period. Aggregate supply, usually abbreviated AS, is two different relations between price level and real production--long run and short run. With long-run aggregate supply, prices and wages are flexible and all markets are in equilibrium. With short-run aggregate supply some prices and wage are NOT flexible and some markets are NOT in equilibrium. This is one half of the AS-AD (aggregate market) analysis. The other half is aggregate demand.
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BROWN PRAGMATOX
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Today, you are likely to spend a great deal of time searching for rummage sales seeking to buy either a package of 4 by 6 index cards, the ones with lines or a 50 foot extension cord. Be on the lookout for deranged pelicans.
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Woodrow Wilson's portrait adorned the $100,000 bill that was removed from circulation in 1929. Woodrow Wilson was removed from circulation in 1924.
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"The past cannot be changed. The future is yet in your power. " -- Hugh White, U.S. Senator
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TC
Total Cost
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