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SHORT-RUN AGGREGATE SUPPLY: 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 some prices, especially wages, are rigid, inflexible, or otherwise in the process of adjusting. Short-run aggregate supply (SRAS) is one of two aggregate supply alternatives, distinguished by the degree of price flexibility; the other is long-run aggregate supply. Short-run aggregate supply is combined with aggregate demand in the short-run aggregate market analysis used to analyze business-cycle instability, unemployment, inflation, government stabilization policies, and related macroeconomic topics.
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AUTONOMOUS EXPORTS Exports to the foreign sector that do not depend on domestic income or production (especially national income or gross domestic product). Exports depend on foreign income or production, but not on domestic income or production. While other expenditures have both autonomous and induced components, exports are exclusively autonomous. Autonomous exports are a key part of the autonomous part of net exports. Induced net exports are due to induced imports.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time wandering around the downtown area wanting to buy either one of those memory foam pillows or a remote controlled train set. Be on the lookout for fairy dust that tastes like salt.
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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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"The roots of education are bitter, but the fruit is sweet." -- Aristotle, philosopher
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