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SHORT-RUN AGGREGATE MARKET: A macroeconomic model relating the price level and real production under the assumption that SOME prices inflexible, especially resource prices. The short-run aggregate market isolates the interaction between aggregate demand and short-run aggregate supply. The key assumption of this model is that SOME prices, especially resource prices, are flexible. The primary result of this model is that the economy can achieve short-run equilibrium at real production that is either greater than or less than full-employment.
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PERFECT COMPETITION, MARGINAL ANALYSIS A perfectly competitive firm produces the profit-maximizing quantity of output that equates marginal revenue and marginal cost. This marginal approach is one of three methods that used to determine the profit-maximizing quantity of output. The other two methods involve the direct analysis of economic profit or a comparison of total revenue and total cost.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time at a flea market trying to buy either a 200-foot blue garden hose or a video camera with stop action features. Be on the lookout for letters from the Internal Revenue Service.
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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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"When you play, play hard; when you work, don't play at all. " -- Theodore Roosevelt, 26th US president
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GATS
General Agreement on Trade in Services
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