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KEYNESIAN RANGE: The horizontal segment of the Keynesian aggregate supply curve that reflects rigid prices and wages. Shifts of the aggregate demand curve in this range lead to changes in the aggregate output, but not changes in price level. Such results are consistent with Keynesian economics, which is why this is termed the "classical" range. The other ranges of the Keynesian aggregate supply curve are the classical range and the intermediate range.
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CONSUMPTION RIVALRY Whether or not the consumption of a particular good by one person prevents simultaneous consumption by another person. In other words, does consumption impose an opportunity cost on others. Rival consumption occurs if the consumption by one imposes an opportunity cost on others because others are prevented from consuming the good. Nonrival consumption occurs if the consumption by one does not impose an opportunity cost on others because others are not prevented from consuming the good. When combined with nonpayer excludability, the result is four alternative types of goods -- private, public, common-property, and near-public.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time browsing about a thrift store trying to buy either a handcrafted bird house or a weathervane with a chicken on top. Be on the lookout for broken fingernail clippers.
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Three-forths of the gold mined each year is used to manufacture jewelry.
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"The ultimate measure of a man is not where he stands in moments of comfort and convenience, but where he stands at times of challenge and controversy." -- Martin Luther King, Jr.
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SMSA
Standard Metropolitan Statistical Area
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