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SHORT-RUN AGGREGATE MARKET: A macroeconomic model relating the price level and real production under the assumption that SOME prices inflexible, especially resource prices. The short-run aggregate market isolates the interaction between aggregate demand and short-run aggregate supply. The key assumption of this model is that SOME prices, especially resource prices, are flexible. The primary result of this model is that the economy can achieve short-run equilibrium at real production that is either greater than or less than full-employment.
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DEMAND AND SUPPLY DECREASE A simultaneous decrease in the willingness and ability of buyers to purchase a good at the existing price, illustrated by a leftward shift of the demand curve, and a decrease in the willingness and ability of sellers to sell a good at the existing price, illustrated by a leftward shift of the supply curve. When combined, both shifts result in a decrease in equilibrium quantity and an indeterminant change in equilibrium price.
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WHITE GULLIBON
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Today, you are likely to spend a great deal of time flipping through mail order catalogs wanting to buy either storage boxes for your summer clothes or 500 feet of coaxial cable. Be on the lookout for attractive cable television service repair people.
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Only 1% of the U.S. population paid income taxes when the income tax was established in 1914.
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"No task is a long one but the task on which one dare not start: It becomes a nightmare. " -- Charles Baudelaire, poet-critic
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TC
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