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INFLATIONARY GAP, KEYNESIAN MODEL: The difference between equilibrium aggregate production achieved in the Keynesian model and full-employment aggregate production that occurs when equilibrium aggregate production is greater than full-employment aggregate production. An inflationary gap, also termed an expansionary gap, is associated with a business-cycle expansion. The prescribed Keynesian remedy for an inflationary gap is contractionary fiscal policy. This is one of two alternative output gaps that can occur when equilibrium generates production that differs from full employment. The other is a recessionary gap.
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PRICE ELASTICITY OF SUPPLY The relative response of a change in quantity supplied to a change in price. More specifically the price elasticity of supply is the percentage change in quantity supplied due to a percentage change in price. This notion of elasticity captures the supply side of the market. A comparable elasticity on the demand side is the price elasticity of demand. Other notable supply elasticities are income elasticity of demand and cross elasticity of demand.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time flipping through the yellow pages hoping to buy either a pleather CD case or a how-to book on fine dining. Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity.
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This isn't me! What am I?
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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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"I not only use all the brains that I have, but all that I can borrow. " -- Woodrow Wilson, 28th US president
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JHR
Journal of Human Resources
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