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LRAS: The abbreviation of long-run 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 period of time in which all prices, especially wages, are flexible, and have achieved their equilibrium levels. Long-run aggregate supply (LRAS) is one of two aggregate supply alternatives, distinguished by the degree of price flexibility; the other is short-run aggregate supply (SRAS).
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NONPAYER EXCLUDABILITY Whether or not nonpayers can be excluded from consuming a good. In other words, can those who do not pay for a good be excluded from consuming the good. Nonpayer excludability is based on the ability to possess and transfer property rights or ownership of a good. For some goods, nonpayers can be easily excluded from consumption because property rights are well-defined and easily controlled. For other goods nonpayers cannot be easily excluded from consumption because property rights are not well-defined and cannot be easily controlled. When combined with consumption rivalry, the result is four alternative types of goods -- private, public, common-property, and near-public.
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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time watching infomercials trying to buy either any book written by Isaac Asimov or a how-to book on building remote controlled airplanes. Be on the lookout for slow moving vehicles with darkened windows.
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Woodrow Wilson's portrait adorned the $100,000 bill that was removed from circulation in 1929. Woodrow Wilson was removed from circulation in 1924.
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"In a decisive set, confidence is the difference. " -- Chris Evert, tennis champion
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VAT
Value Added Tax
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