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LONG-RUN AGGREGATE SUPPLY: The total (or aggregate) real production of final goods and services available in the domestic economy at a range of price levels, during a period of time in which all prices, especially wages, are flexible, and have achieved their equilibrium levels. Long-run aggregate supply (LRAS) is one of two aggregate supply alternatives, distinguished by the degree of price flexibility; the other is short-run aggregate supply (SRAS).
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RESOURCES Labor, capital, land, and entrepreneurship used by society to produce consumer satisfying goods and services. Resources are often given the more descriptive term factors of production.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time looking for a downtown retail store looking to buy either a flower arrangement in a coffee cup for your father or a how-to book on meeting people. Be on the lookout for malfunctioning pocket calculators.
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One of the largest markets for gold in the United States is the manufacturing of class rings.
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"Try not to become a man of success, but rather try to become a man of value. " -- Albert Einstein
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IQ
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