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AS: The abbreviaion for aggregate supply, which is the total (or aggregate) real production of final goods and services available in the domestic economy at a range of price levels, during a given time period. Aggregate supply (AS) is one half of the aggregate market analysis; the other half is aggregate demand. Aggregate supply, relates the economy's price level, measured by the GDP price deflator, and aggregate domestic production, measured by real gross domestic product. The aggregate supply relation is generally separated into long-run aggregate supply, in which all prices and wages and flexible and all markets are in equilibrium, and short-run aggregate supply, in which some prices and wage are NOT flexible and some markets are NOT in equilibrium.
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EFFICIENCY Generating the most possible satisfaction from a given amount of resources. Efficiency means that this satisfaction of wants and needs cannot be increased by producing more of one good and less of another. This is one of the five economic goals and one of two microeconomic goals. The other goals are full employment, stability, economic growth, and equity.
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time at an auction wanting to buy either a coffee table shaped like the state of Florida or storage boxes for your summer clothes. Be on the lookout for attractive cable television service repair people.
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In the Middle Ages, pepper was used for bartering, and it was often more valuable and stable in value than gold.
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"Success is the child of audacity. " -- Benjamin Disraeli, British statesman
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COMECON
Council for Mutual Economic Assistance
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