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SCARCE RESOURCE: A resource with an available quantity less than its desired use. Scarce resources are also called factors of production. Scarce goods are also termed economic goods. Scarce resources are used to produce scarce goods. Like the more general society-wide condition of scarcity, a given resource is scarce because it has a limited availability in combination with a greater (potentially unlimited) productive use. It's both of these that make it scarce. In other words, even though an item is quite limited it will not be a scarce resource if it has few if any uses (think pocket lint and free good).
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AGGREGATE SUPPLY INCREASE, SHORT-RUN AGGREGATE MARKET A shock to the short-run aggregate market caused by an increase in aggregate supply, resulting in and illustrated by a rightward shift of the short-run aggregate supply curve. An increase in aggregate supply in the short-run aggregate market results in a decrease in the price level and an increase in real production. The level of real production resulting from the shock can be greater or less than full-employment real production.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time wandering around the downtown area trying to buy either a package of 3 by 5 index cards, the ones without lines or a blue mechanical pencil. Be on the lookout for infected paper cuts.
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Before 1933, the U.S. dime was legal as payment only in transactions of $10 or less.
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"Failure will never overtake me if my determination to succeed is strong enough." -- Og Mandino, Author and Speaker
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GNMA
Government National Mortgage Association
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