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MATURITY: That date at which the principal on a bond or similar financial asset needs to be repaid. Maturity dates can be anywhere from a few hours to 30 or more years. For example, government securities are classified by their maturity dates, with Treasury bills maturing in one year or less, Treasury notes in 1 to 10 years, and Treasury bonds in 10 years or more. Under normal (nonrecessionary) conditions, shorter maturity periods carry lower interest rates, while longer maturities need higher interest rates to compensate for the uncertainty of tying funds up for longer periods.
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EXCESS DEMAND A disequilibrium condition in a competitive market in which the quantity demanded is greater than the quantity supplied. Excess demand is another way to say shortage. It also goes by the common term of sellers' market. Excess demand is one of two disequilibrium states of the market. The other is excess supply (or surplus).
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time watching infomercials wanting to buy either a birthday gift for your mother or a weathervane with a horse on top. Be on the lookout for small children selling products door-to-door.
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This isn't me! What am I?
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In 1914, Ford paid workers who were age 22 or older $5 per day -- double the average wage offered by other car factories.
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"Life is no brief candle to me. It is a sort of splendid torch which I have got a hold of for the moment, and I want to make it burn as brightly as possible before handing it on to future generations." -- George Bernard Shaw
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JLE
Journal of Law and Economics
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