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IMPERFECT COMPETITION: Any markets or industries that do not match the criteria for perfect competition. The key characteristics of perfect competition are: (1) a large number of small firms, (2) identical products sold by all firms, (3) freedom of entry into and exit out of the industry, and (4) perfect knowledge of prices and technology. These four characteristics are essentially impossible to match in the real world.
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AGGREGATE DEMAND CURVE A graphical representation of the relation between aggregate expenditures on real production and the price level, holding all ceteris paribus aggregate demand determinants constant. The aggregate demand (AD) curve is one side of the graphical presentation of the aggregate market. The other side is occupied by the long-run aggregate supply curve and/or the short-run aggregate supply curve. The negative slope of the aggregate demand curve captures the inverse relation between aggregate expenditures on real production and the price level. This negative slope is attributable to the interest-rate, real-balance, and net-export effects.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time strolling through a department store looking to buy either a rim for your spare tire or decorative celebrity figurines. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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This isn't me! What am I?
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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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"It is the mark of an educated mind to be able to entertain a thought without accepting it." -- Aristotle
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CACM
Central American Common Market
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