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AD-AS MODEL: An economic model relating the price level and real production that is used to analyze business cycles, gross domestic product, unemployment, inflation, stabilization policies, and related macroeconomic phenomena. The AS-AD model, inspired by the standard market model, captures the interaction between aggregate demand (the buyers) and short-run and long-run aggregate supply (the sellers).

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PRINCIPLE

A generally accepted, verified, proven, fundamental law of nature. A principle captures a cause-and-effect relation about the workings of the world that has been tested and verified through the scientific method. The law of demand, law of increasing opportunity cost, and law of diminishing marginal utility are three fundamental (and extremely important) economic principles.

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APLS

PURPLE SMARPHIN
[What's This?]

Today, you are likely to spend a great deal of time searching for rummage sales hoping to buy either a rechargeable flashlight or storage boxes for your computer software CDs. Be on the lookout for infected paper cuts.
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A thousand years before metal coins were developed, clay tablet "checks" were used as money by the Babylonians.
"I do the best I know how, the very best I can, and I mean to keep doing so until the end. "

-- Abraham Lincoln, 16th US president

IIP
Index of Industrial Production
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