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GOLD CERTIFICATE: Paper currency issued by the U. S. Treasury from the civil war until 1933 that could be exchanged for an equal value of gold. Gold certificates were used as part of a gold standard. With the exception of collectors, gold certificates have long been out of circulation, replaced first by silver certificates, then in the past few decades by Federal Reserve notes.
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EQUILIBRIUM, AGGREGATE MARKET The state of equilibrium that exists in the aggregate market when real aggregate expenditures are equal to real production with no imbalances to induce changes in the price level or real production. The opposing forces of aggregate demand (the buyers) and aggregate supply (the sellers) exactly offset each other. At the existing price level, the four macroeconomic sectors (household, business, government, and foreign) purchase all of the real production that they seek and producers sell all of the real production that they have.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time wandering around the shopping mall wanting to buy either a computer that can play music and burn CDs or a T-shirt commemorating last Friday (you know why). Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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This isn't me! What am I?
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John Maynard Keynes was born the same year Karl Marx died.
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"Whenever you fall, pick up something. " -- Oswald Avery, scientist
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AS-AD
Aggregate Supply-Aggregate Demand Model
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