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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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DEMAND DETERMINANTS Five ceteris paribus factors that affect demand, but which are assumed constant when a demand curve is constructed. They are buyers' income, buyers' preferences, other prices, buyers' expectations, and number of buyers. Changes in the demand determinants cause shifts of the demand curve and disruptions of the market.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time at a dollar discount store hoping to buy either a weathervane with a chicken on top or a flower arrangement with daisies and carnations for your uncle. Be on the lookout for crowded shopping malls.
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This isn't me! What am I?
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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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"Anything's possible. You can be told you have a 90% chance or a 50% chance or a 1% chance, but you have to believe, and you have to fight. " -- Lance Armstrong, cyclist
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JRE
Journal of Regulatory Economics
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