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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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PERFECT COMPETITION, SHORT-RUN SUPPLY CURVE A perfectly competitive firm's supply curve is that portion of its marginal cost curve that lies above the minimum of the average variable cost curve. A perfectly competitive firm maximizes profit by producing the quantity of output that equates price and marginal cost. As such, the firm moves along its positively-sloped marginal cost curve in response to changing prices.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time wandering around the downtown area wanting to buy either a genuine down-filled comforter or a 200-foot blue garden hose. Be on the lookout for slightly overweight pizza delivery guys.
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During the American Revolution, the price of corn rose 10,000 percent, the price of wheat 14,000 percent, the price of flour 15,000 percent, and the price of beef 33,000 percent.
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"I don't subscribe to the thesis, 'Let the buyer beware,' I prefer the disregarded one that goes, 'Let the seller be honest.'" -- Isaac Asimov, Author
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ACV
Actual Cash Value
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