|
|
SELF-CORRECTION, AGGREGATE MARKET: The automatic process through which the aggregate market adjusts from short-run equilibrium to long-run equilibrium. Self-correction results through shifts of the short-run aggregate supply curve caused by changes in wages and other resource prices. Short-run equilibrium in the aggregate market is characterized by inflexible or rigid resource prices, especially wages. This creates temporary imbalances in resource markets, especially unemployment and overemployment of labor. Self-correction is the process in which these temporary imbalances are eliminated through flexible prices and the aggregate market achieves long-run equilibrium. You might want to compare this process to self correction, market.
Visit the GLOSS*arama
|
|
|
|
|
SIXTH RULE OF IGNORANCE The sixth of seven basic rules of the economy, stating that obtaining information is a costly activity that requires resources with alternative uses. As such, no one knows everything and everyone is ignorant about something.
Complete Entry | Visit the WEB*pedia |
|
|
YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time surfing the Internet trying to buy either a small palm tree that will fit on your coffee table or several magazines on fashion design. Be on the lookout for letters from the Internal Revenue Service.
Your Complete Scope
This isn't me! What am I?
|
|
|
The first paper notes printed in the United States were in denominations of 1 cent, 5 cents, 25 cents, and 50 cents.
|
|
|
"Look at everything as though you were seeing it either for the first or last time. Then your time on earth will be filled with glory." -- Betty Smith, Novelist
|
|
DJA
Dow Jones Averages
|
|
|
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.
User Feedback
|
|
