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LONG RUN, MACROECONOMICS: 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. This is one of two macroeconomic time designations; the other is the short run. Long-run wage and price flexibility means that ALL markets, including resources markets and most notably labor markets, are in equilibrium, with neither surpluses nor shortages. Wage and price flexibility and the resulting resource market equilibria are the reason for the vertical long-run aggregate supply curve.
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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, commonly abbreviated LRAS, is one of two aggregate supply alternatives, distinguished by the degree of price flexibility. The other is short-run aggregate supply. Long-run aggregate supply is combined with aggregate demand, and often short-run aggregate supply, in the long-run aggregate market (or AS-AD) analysis used to analyze economic growth, business-cycle instability, unemployment, inflation, government stabilization policies, and related macroeconomic topics.
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GREEN LOGIGUIN
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Today, you are likely to spend a great deal of time calling an endless list of 800 numbers hoping to buy either a wall poster commemorating next Thursday or a pair of gray heavy duty boot socks. Be on the lookout for strangers with large satchels of used undergarments.
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The first U.S. fire insurance company was established by Benjamin Franklin in 1752 in Philadelphia.
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"A pint of sweat saves a gallon of blood. " -- General George Patton
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PO
Pareto Optimal
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