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DIRECT: The mathematical notion that two variables change in the same direction, that is, an increase in X goes with an increase in Y, or a decrease in X goes with a decrease in Y. The alternative to a direct relation is an inverse relation, in which an increase in one variable goes with a decrease in the other. Direct relations are graphically illustrated by positively-sloped curves, a common example being the supply curve.
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AGGREGATE MARKET An economic model relating the price level and real production that is used to analyze business cycles, gross production, unemployment, inflation, stabilization policies, and related macroeconomic phenomena. The aggregate market, inspired by the standard market model, but adapted to the macroeconomy, captures the interaction between aggregate demand (the buyers) and short-run and long-run aggregate supply (the sellers). Also known by the names AS-AD model or income-price model, the aggregate market is THE cornerstone model of macroeconomic analysis.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time at the confiscated property police auction hoping to buy either 500 feet of telephone cable or a package of 4 by 6 index cards, the ones with lines. Be on the lookout for mail order catalogs with hidden messages.
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In the Middle Ages, pepper was used for bartering, and it was often more valuable and stable in value than gold.
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"The ultimate measure of a man is not where he stands in moments of comfort and convenience, but where he stands at times of challenge and controversy." -- Martin Luther King, Jr.
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AS-AD
Aggregate Supply-Aggregate Demand Model
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