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SELF-CORRECTION, AGGREGATE MARKET: The automatic process through which the aggregate market adjusts from short-run equilibrium to long-run equilibrium. Self-correction results through shifts of the short-run aggregate supply curve caused by changes in wages and other resource prices. Short-run equilibrium in the aggregate market is characterized by inflexible or rigid resource prices, especially wages. This creates temporary imbalances in resource markets, especially unemployment and overemployment of labor. Self-correction is the process in which these temporary imbalances are eliminated through flexible prices and the aggregate market achieves long-run equilibrium. You might want to compare this process to self correction, market.
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MARGINAL RETURNS The change in the quantity of total product resulting from a unit change in a variable input, holding all other inputs fixed. Marginal returns is an older and more generic term for marginal product. While marginal product has largely replaced marginal returns in most discussions of short-run production, the phrase does persist in a few terms like the law of diminishing marginal returns.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time lost in your local discount super center trying to buy either a how-to book on wine tasting or a bookshelf that will fit in your closet. 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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The portrait on the quarter is a more accurate likeness of George Washington than that on the dollar bill.
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"Wherever you go, no matter what the weather, always bring your own sunshine." -- Anthony J. D'Angelo
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CPI-U
Consumer Price Index-All Urban Consumers
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