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ECONOMIES OF SCALE: Declining long-run average cost that occurs as a firm increases all inputs and expands its scale of production. This is graphically illustrated by a negatively-sloped long-run average cost curve and typically occurs for relatively small levels of production. Economies of scale are then overwhelmed by diseconomies of scale for relatively large production levels. Together, economies of scale and diseconomies of scale cause the long-run average cost curve to be U-shaped.
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SHORT-RUN AGGREGATE MARKET A macroeconomic model relating the price level and real production under the assumption that SOME prices are inflexible, especially resource prices. This is one of two aggregate market submodels used to analyze business cycles, gross production, unemployment, inflation, stabilization policies, and related macroeconomic phenomena. The other is the long-run aggregate market. 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 inflexible. 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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YELLOW CHIPPEROON
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Today, you are likely to spend a great deal of time at a garage sale trying to buy either an ink cartridge for your printer or a rechargeable battery for your camera. Be on the lookout for telephone calls from long-lost relatives.
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A communal society, a prime component of Karl Marx's communist philosophy, was advocated by the Greek philosophy Plato.
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"Long-range goals keep you from being frustrated by short-term failures " -- J. C. Penney, Retailer
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NDP
Net Domestic Product
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