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AS: The abbreviaion for aggregate supply, which is the total (or aggregate) real production of final goods and services available in the domestic economy at a range of price levels, during a given time period. Aggregate supply (AS) is one half of the aggregate market analysis; the other half is aggregate demand. Aggregate supply, relates the economy's price level, measured by the GDP price deflator, and aggregate domestic production, measured by real gross domestic product. The aggregate supply relation is generally separated into long-run aggregate supply, in which all prices and wages and flexible and all markets are in equilibrium, and short-run aggregate supply, in which some prices and wage are NOT flexible and some markets are NOT in equilibrium.
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INCOME EFFECT The change in quantity demanded that results because a change in the demand price of a good affects real income (that is, the purchasing power of income) even though nominal income remains the same. This is one of two reasons, or effects, underlying the law of demand and the negative slope of the market demand curve. The other is the substitution effect.
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YELLOW CHIPPEROON
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Today, you are likely to spend a great deal of time at a crowded estate auction looking to buy either a pair of handcrafted oven mitts or a coffee table shaped like the state of Florida. Be on the lookout for mail order catalogs with hidden messages.
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Approximately three-fourths of the U.S. paper currency in circular contains traces of cocaine.
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"Ships are safe in harbor. But that is not what ships are for." -- Anonymous
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GDI
Gross Domestic Income
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