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ADJUSTMENT, LONG-RUN AGGREGATE MARKET: Disequilibrium in the long-run aggregate market induces changes in the price level that restore equilibrium. If the price level is above the long-run equilibrium price level, economy-wide product market surpluses cause the price level to fall. If the price level is below the long-run equilibrium price level, economy-wide product market shortages cause the price level to rise. In both cases long-run equilibrium is restored. Price level changes induce changes in aggregate expenditures but NOT changes in real production. The reason is that long-run aggregate supply is full-employment real production, which is unaffected by the price level.
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RENTAL INCOME OF PERSONS The official item in the National Income and Product Accounts maintained by the Bureau of Economics Analysis measuring rent earned by the household sector for supplying land and related factor services. This is one of five official factor payments making up national income. The other four are compensation of employees, net interest, corporate profits, and proprietors' income. Rental income of persons is typically the smallest of the five factor payment categories, usually less than 5 percent of national income.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time flipping through the yellow pages trying to buy either yellow cotton balls or a set of steel-belted radial snow tires. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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This isn't me! What am I?
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Two and a half gallons of oil are needed to produce one automobile tire.
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"Just as iron rusts from disuse, even so does inaction spoil the intellect. " -- Leonardo da Vinci, architect, artist
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OAS
Organization of American States
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