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ADJUSTMENT, SHORT-RUN AGGREGATE MARKET: Disequilibrium in the short-run aggregate market induces changes in the price level that restore equilibrium. If the price level is above the short-run equilibrium price level, economy-wide product market surpluses cause the price level to fall. If the price level is below the short-run equilibrium price level, economy-wide product market shortages cause the price level to rise. In both cases short-run equilibrium is restored. You might want to compare adjustment, long-run aggregate market. Price level changes induce changes in both aggregate expenditures and real production. Unlike the long-run aggregate market, changes in the price level can induce changes in short-run aggregate supply, making it greater or less than full-employment real production.
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PEAK The transition of a business-cycle expansion to a business-cycle contraction. The end of an expansion carries this descriptive term of peak, or the highest level of economic reached in recent times. A peak is one of two turning points. The other, the transition from contraction to expansion, is a trough. Turning points are important because they represent the transition from bad to good or good to bad.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time searching the newspaper want ads looking to buy either a birthday gift for your father that doesn't look like every other birthday gift for your father or a green fountain pen. Be on the lookout for high interest rates.
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This isn't me! What am I?
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Natural gas has no odor. The smell is added artificially so that leaks can be detected.
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"Good plans shape good decisions. That's why good planning helps to make elusive dreams come true." -- Lester Bittle, Author
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AID
Agency for International Development
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