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INFLATIONARY GAP: The difference between the equilibrium real production achieved in the short-run aggregate market and full-employment real production the occurs when short-run equilibrium real production is more than full-employment real production. An inflationary gap, also termed an expansionary gap, is associated with a business-cycle expansion, especially the latter stages of an expansion. This is one of two alternative output gaps that can occur when short-run production differs from full employment. The other is a recessionary gap.
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SUPPLY BY A FIRM The range of quantities of a factor that a firm is willing and able to sell at a range of factor prices. Supply by a firm is a phrase that is most relevant to the study of factor markets, especially when contrasted with supply to a firm. Supply by a firm puts the firm on the selling side of the factor market. Supply to a firm puts the firm on the buying side of the factor market.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time at a dollar discount store looking to buy either a stretchable, flexible watch band or high-gloss photo paper that works with your printer. Be on the lookout for deranged pelicans.
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This isn't me! What am I?
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A communal society, a prime component of Karl Marx's communist philosophy, was advocated by the Greek philosophy Plato.
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"It is only our deeds that reveal who we are. " -- Carl Jung, psychiatrist
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IO
Industrial Organization
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