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LABOR MARKET: A market that exchanges the services of labor resources. For the macroeconomy, this is a critical aspect of the aggregate resource markets, especially the short-run condition of rigid prices. Labor market wages tend to be rigid in short run. Such wage rigidity, was well as other short run problems, prevent labor markets from achieve equilibrium. The result is either unemployment or overemployment, both of which prevent long-run equilibrium in the aggregate market.
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KEYNESIAN AGGREGATE SUPPLY CURVE An aggregate supply curve--a graphical representation of the relation between real production and the price level--that reflects the basic principles of Keynesian economics. The Keynesian aggregate supply curve actually comes in two versions. The basic version is reverse-L shaped, with a horizontal segment connected to a vertical segment at a sharp corner. The modified version is also reverse-L shaped, but the vertical and horizontal segments have positive slopes and connecting corner is rounded. An alternative is the classical aggregate supply curve.
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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time browsing through a long list of dot com websites looking to buy either handcrafted decorations to hang on your walls or throw pillows for your bed. Be on the lookout for the last item on a shelf.
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The standard "debt" notation I.O.U. does not mean "I owe you," but actually stands for "I owe unto..."
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"We can't take any credit for our talents. It's how we use them that counts. " -- Madeleine L'Engle, Writer
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AR(N)
A nth-order Autoregressive Process
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