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MARKET PERIOD: A period of time in which at all inputs in the production process are fixed, meaning the quantity of output itself is fixed. In other words, you've produced the good, you're not going to produced any more for now, all that remains is to sell it. You should compare market period with short run and production, long run and production, and very long run.
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AGGREGATE DEMAND DECREASE, LONG-RUN AGGREGATE MARKET A shock to the long-run aggregate market caused by a decrease in aggregate demand resulting in and illustrated by a leftward shift of the aggregate demand curve. A decrease in aggregate demand in the long-run aggregate market results in an increase in the price level but no change in real production. The level of real production resulting from the aggregate demand shock is full-employment real production.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time flipping through mail order catalogs wanting to buy either a birthday greeting card for your aunt or a wall poster commemorating the moon landing. Be on the lookout for infected paper cuts.
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Ragnar Frisch and Jan Tinbergen were the 1st Nobel Prize winners in Economics in 1969.
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"Advice is like snow ‚ the softer it falls, the longer it dwells upon and the deeper it sinks into the mind. " -- Samuel Taylor Coleridge, poet
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KLIC
Kullback-Leibler Information Criterion
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