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INCOME-PRICE MODEL: An economic model relating the price level (the price part) and real production (the income part) that is used to analyze business cycles, aggregate production, unemployment, inflation, stabilization policies, and related macroeconomic phenomena. The income-price 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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FALLACY OF COMPOSITION The logical fallacy of arguing that what is true for the parts is also true for the whole. In the study of economics, this takes the form of assuming that what works for parts of the economy, such as households or businesses, also works for the aggregate, or macroeconomy. The contrasting fallacy is the fallacy of division.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time at an auction looking to buy either super soft, super cuddly, stuffed animals or a large stuffed brown and white teddy bear. 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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Rosemary, long associated with remembrance, was worn as wreaths by students in ancient Greece during exams.
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"I can feel guilty about the past, apprehensive about the future, but only in the present can I act." -- Abraham Maslow, Psychologist
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ITO
International Trade Organization
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