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DISCRETIONARY FISCAL POLICY: Explicit changes in government purchases and/or taxes (fiscal policy) that are made with the expressed goal of stabilizing business cycles, reducing unemployment, and/or lowering inflation. While most fiscal policy studied in economics is discretionary, the contrast is with automatic stabilizers, changes in taxes and transfer payments the help stabilize business cycles without explicit government actions. Discretionary monetary policy is a similar type of policy.
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LONG RUN, MACROECONOMICS In terms of the macroeconomic analysis of the aggregate market, a period of time in which all prices, especially wages, are flexible, and are able to achieve equilibrium levels. This is one of two macroeconomic time designations; the other is the short run. Long-run wage and price flexibility means that ALL markets, including resource markets and most notably labor markets, are in equilibrium, with neither surpluses nor shortages. Wage and price flexibility and the resulting resource market equilibria are the reason for the vertical long-run aggregate supply curve.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors hoping to buy either a birthday greeting card for your father or a T-shirt commemorating the first day of spring. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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Natural gas has no odor. The smell is added artificially so that leaks can be detected.
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"To succeed you need to find something to hold on to, something to motivate you, something to inspire you." -- Tony Dorsett, Football player
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SMSA
Standard Metropolitan Statistical Area
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