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ALLOCATIVE EFFICIENCY: Obtaining the most consumer satisfaction from available resources. Allocative efficiency means that our economy is doing the best job possible of satisfying unlimited wants and needs with limited resources -- that is, of addressing the problem of scarcity.

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SELF CORRECTION, INFLATIONARY GAP

The automatic process in which the aggregate market eliminates an inflationary gap created by a short-run equilibrium that is greater than full employment through increases in wages (and other resource prices). The self-correction mechanism is triggered by short-run resource market imbalances that are closed by long-run price flexibility. The self-correction process of the aggregate market also acts to close a recessionary gap with lower wages (and other resource prices).

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Today, you are likely to spend a great deal of time surfing the Internet seeking to buy either pink cotton balls or a genuine down-filled comforter. Be on the lookout for defective microphones.
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This isn't me! What am I?

John Maynard Keynes was born the same year Karl Marx died.
"Never let the fear of striking out get in your way. "

-- Babe Ruth

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