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SHORT-RUN EQUILIBRIUM: The condition that exists for the aggregate market when the product and financial markets are in equilibrium, but the resource markets are not. This condition results in the short run because of worker misperceptions about real wages and/or rigid wages and prices. It is represented by the intersection of the AD (aggregate demand) curve and the SRAS (short-run aggregate supply) curve and can be greater than or less than full employment.
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LABOR The mental and physical human efforts used in the production of goods and services. This is one of four basic categories of resources, or factors of production. The other three are capital, land, and entrepreneurship.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway seeking to buy either a T-shirt commemorating Thor Heyerdahl's Pacific crossing aboard the Kon-Tiki or a wall poster commemorating the 2000 Olympics. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
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This isn't me! What am I?
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The first paper currency used in North America was pasteboard playing cards "temporarily" authorized as money by the colonial governor of French Canada, awaiting "real money" from France.
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"I love the man who can smile in trouble, who can gather strength from distress and grow brave by reflection. " -- Thomas Paine, statesman
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AFRA
Average Freight Rate Assessment
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