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SHORT RUN, MICROECONOMICS: In terms of the microeconomic analysis of production and supply, a period of time in which at least one input in the production process is variable and one is fixed. You should compare and contrast the short run with long-run production, very long run, and market period. In the microeconomic analysis, the short run is primarily used to analyze production decisions for a firm. In this context, the variable input is typically labor and the fixed input is capital. The short-run analysis of production reveals the law of diminishing marginal returns and provides an understanding of the upward-sloping supply curve and the law of supply.
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DISEQUILIBRIUM, AGGREGATE MARKET The state of the aggregate market in which real aggregate expenditures are NOT equal to real production, which results in an imbalance that induces a change in the price level, aggregate expenditures, and/or real production. In other words, the opposing forces of aggregate demand (the buyers) and aggregate supply (the sellers) are out of balance. At the existing price level, either the four macroeconomic sectors (household, business, government, and foreign) are unable to purchase all of the real production that they seek or producers are unable to sell all of the real production that they have.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time browsing about a thrift store wanting to buy either a small, foam rubber football or an instructional DVD on learning to the play the oboe. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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The wealthy industrialist, Andrew Carnegie, was once removed from a London tram because he lacked the money needed for the fare.
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"In every man's life there lies latent energy. There is, however, a spark that, if kindled, will set the whole being afire, and he will become a human dynamo, capable of accomplishing almost anything to which he aspires. " -- James Cash Penney, retailer
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ATC
Average Total Cost
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