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AGGREGATE MARKET EQUILIBRIUM: 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. In other words, the opposing forces of aggregate demand (the buyers) and aggregate supply (the sellers) exactly offset each other. The four macroeconomic sector (household, business, government, and foreign) buyers purchase all of the real production that they seek at the existing price level and business-sector producers sell all of the real production that they have at the existing price level. The aggregate market equilibrium actually comes in two forms: (1) long-run equilibrium, in which all three aggregated markets (product, financial, and resource) are in equilibrium and (2) short-run equilibrium, in which the product and financial markets are in equilibrium, but the resource markets are not.
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SCIENCE A discipline, or topic of study, that uses the scientific method to investigate and explain the operation of the world by testing and verifying hypothesized relations. Science is commonly divided into physical sciences (including chemistry, physics, and biology) and social sciences (including economics, sociology, and political science). Science is not just a subject, but a method of investigation using the scientific method.
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Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club trying to buy either a replacement battery for your pocket calculator or a how-to book on home remodeling. Be on the lookout for a thesaurus filled with typos.
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A lump of pure gold the size of a matchbox can be flattened into a sheet the size of a tennis court!
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"I love the man who can smile in trouble, who can gather strength from distress and grow brave by reflection. " -- Thomas Paine, statesman
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