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AS-AD MODEL: An economic model relating the price level and real production that is used to analyze business cycles, gross domestic product, unemployment, inflation, stabilization policies, and related macroeconomic phenomena. The AS-AD model, inspired by the standard market model, captures the interaction between aggregate demand (the buyers) and short-run and long-run aggregate supply (the sellers).
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SCARCE RESOURCES Labor, capital, land, and entrepreneurship used by society to produce consumer satisfying goods and services. Scarce resources, also termed just resources, are often given the more descriptive term factors of production.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time at a garage sale hoping to buy either a T-shirt commemorating next Thursday or a birthday gift for your uncle. Be on the lookout for slightly overweight pizza delivery guys.
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A half gallon milk jug holds about $50 in pennies.
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"And while the law of competition may be sometimes hard for the individual, it is best for the race, because it ensures the survival of the fittest in every department. " -- Andrew Carnegie, entrepreneur
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ACCR
Annual Cost of Capital Recovery
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