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ADJUSTMENT, LONG-RUN AGGREGATE MARKET: Disequilibrium in the long-run aggregate market induces changes in the price level that restore equilibrium. If the price level is above the long-run equilibrium price level, economy-wide product market surpluses cause the price level to fall. If the price level is below the long-run equilibrium price level, economy-wide product market shortages cause the price level to rise. In both cases long-run equilibrium is restored. Price level changes induce changes in aggregate expenditures but NOT changes in real production. The reason is that long-run aggregate supply is full-employment real production, which is unaffected by the price level.
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RECOVERY The early phase of a business-cycle expansion that occurs shortly after a contraction has ended. During a recovery, the unemployment rate remains relatively high, but is beginning to fall, and real gross domestic product begins to increase, usually rapidly. However, because the contraction remains fresh in the minds of many, it may not be immediately clear that the trough of the contraction has actually ended.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time lost in your local discount super center wanting to buy either a stretchable, flexible watch band or high-gloss photo paper that works with your printer. Be on the lookout for the last item on a shelf.
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This isn't me! What am I?
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Approximately three-fourths of the U.S. paper currency in circular contains traces of cocaine.
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"The only profit center is the customer. " -- Peter Drucker, management consultant
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CAP
Common Agricultural Policy
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