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FLEXIBLE PRICES: The proposition that prices adjust in the long run in response to market shortages or surpluses. This condition is most important for long-run macroeconomic activity and long-run aggregate market analysis. In particular, flexible prices are the key reason for the vertical slope of the long-run aggregate supply curve. This proposition is also central to original classical theory of macroeconomics and to modern variations, including rational expectations, new classical theory, and supply-side economics.
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FINANCIAL WEALTH, AGGREGATE DEMAND DETERMINANT One of several specific aggregate demand determinants assumed constant when the aggregate demand curve is constructed, and that shifts the aggregate demand curve when it changes. An increase in financial wealth causes an increase (rightward shift) of the aggregate curve. A decrease in financial wealth causes a decrease (leftward shift) of the aggregate curve. Other notable aggregate demand determinants are interest rates, federal deficit, inflationary expectations, and the money supply.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time wandering around the downtown area seeking to buy either an electric coffee pot with automatic shutoff or a brown leather attache case. Be on the lookout for the happiest person in the room.
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Mark Twain said "I wonder how much it would take to buy soap buble if there was only one in the world."
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"Love looks through a telescope; envy, through a microscope. " -- Josh Billings, humorist
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ACCR
Annual Cost of Capital Recovery
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