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BANK PANIC OF 1907: A relatively serious economic downturn, that is business-cycle contraction, in 1907 that was caused by serious, big-time, instability in the banking system. This major bank panic was so severe (the term depression is more applicable than recession) that it prompted Congress to establish the Federal Reserve System, which came into existence in 1913. See fractional-reserve banking.
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DISEQUILIBRIUM, LONG-RUN AGGREGATE MARKET The state of the aggregate market in which real aggregate expenditures are NOT equal to full-employment real production, which results in an imbalance that induces a change in the price level and aggregate expenditures. In other words, the opposing forces of aggregate demand (the buyers) and aggregate supply (the sellers) are out of balance. At the existing price level, either the four macroeconomic sectors (household, business, government, and foreign) are unable to purchase all of the real production that they seek or producers are unable to sell all of the full-employment real production that they have.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time flipping through mail order catalogs looking to buy either a large green chalkboard shaped like the state of Maine or a replacement battery for your pocket calculator. Be on the lookout for gnomes hiding in cypress trees.
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The penny is the only coin minted by the U.S. government in which the "face" on the head looks to the right. All others face left.
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"Things turn out best for the people who make the best of the way things turn out." -- Art Linkletter
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AMW
Average Monthly Wage
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