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AS-AD MODEL: An economic model relating the price level and real production that is used to analyze business cycles, gross domestic product, unemployment, inflation, stabilization policies, and related macroeconomic phenomena. The AS-AD model, inspired by the standard market model, captures the interaction between aggregate demand (the buyers) and short-run and long-run aggregate supply (the sellers).
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PRIVATE GOODS Goods characterized by rival consumption and the ability to exclude nonpayers. Private goods are one of four types of goods differentiated by consumption rivalry and nonpayer excludability. The other three goods are public (nonrival consumption and nonpayers cannot be excluded), common-property (rival consumption and nonpayers cannot be excluded), and near-public (nonrival consumption and nonpayers can be excluded). Rival consumption and the ease of excluding of nonpayers means private goods can be efficiently exchanged through markets.
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There were no banks in colonial America before the U.S. Revolutionary War. Anyone seeking a loan did so from another individual.
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"I have no expectation of making a hit every time I come to bat. What I seek is the highest possible batting average." -- President Franklin Delano Roosevelt
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PDI
Personal Disposable Income
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