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CLASSICAL RANGE: The vertical segment of the Keynesian aggregate supply curve that reflects the independence of full-employment aggregate output (or gross domestic product) to the price level. Shifts of the aggregate demand curve in this range lead to changes in the price level, but not changes in aggregate output. Such results are consistent with classical economics, which is why this is termed the "classical" range. The other ranges of the Keynesian aggregate supply curve are the Keynesian range and the intermediate range.
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TECHNICAL EFFICIENCY Obtaining the greatest possible production of goods and services from available resources. In other words, resources are not wasted in the production process. This is also considered as engineering efficiency and should be contrasted with economic or allocative efficiency.
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GREEN LOGIGUIN
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Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club hoping to buy either a replacement nozzle for your shower or a decorative windchime with plastic . Be on the lookout for letters from the Internal Revenue Service.
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Much of the $15 million used by the United States to finance the Louisiana Purchase from France was borrowed from European banks.
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"The way to gain a good reputation is to endeavor to be what you desire to appear. " -- Socrates, philosopher
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RJE
RAND Journal of Economics
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