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LONG RUN: In terms of the macroeconomic analysis of the aggregate market, a period of time in which all prices, especially wages, are flexible, and have achieved their equilibrium levels. In terms of the microeconomic analysis of production and supply, a period of time in which all inputs in the production process are variable.
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ALLOCATION The process of distributing resources for the production of goods and services, and of distributing goods and services for the satisfaction of wants and needs and human consumption. This allocation process is an essential part of an economy's effort to address the problem of scarcity.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time at a crowded estate auction looking to buy either a wall poster commemorating the moon landing or storage boxes for your winter clothes. Be on the lookout for attractive cable television service repair people.
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This isn't me! What am I?
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The average bank teller loses about $250 every year.
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"New ideas pass through three periods: - It can't be done. - It probably can be done, but it's not worth doing. - I knew it was a good idea all along!" -- Arthur C. Clarke
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LF
Labor Force, Laissez-Faire
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