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INFLATIONARY GAP: The difference between the equilibrium real production achieved in the short-run aggregate market and full-employment real production the occurs when short-run equilibrium real production is more than full-employment real production. An inflationary gap, also termed an expansionary gap, is associated with a business-cycle expansion, especially the latter stages of an expansion. This is one of two alternative output gaps that can occur when short-run production differs from full employment. The other is a recessionary gap.
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ASSUMPTION An initial condition or statement of a model or theory that sets the stage for an analysis by abstracting from the real world. Assumptions are important to economic analysis. Some assumptions are used to simplify a complex analysis into more easily manageable parts. Other assumptions are used as control conditions that are subsequently changed to evaluate the consequences.
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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time searching the newspaper want ads trying to buy either a three-hole paper punch or decorative picture frames. Be on the lookout for poorly written technical manuals.
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The portrait on the quarter is a more accurate likeness of George Washington than that on the dollar bill.
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"A stumble may prevent a fall. " -- Margaret Thatcher, British prime minister
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