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LONG RUN: In terms of the macroeconomic analysis of the aggregate market, a period of time in which all prices, especially wages, are flexible, and have achieved their equilibrium levels. In terms of the microeconomic analysis of production and supply, a period of time in which all inputs in the production process are variable.
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MARKET EFFICIENCY The notion that a competitive market automatically achieves an efficient allocation of resources by equating demand price with supply price and quantity demanded with quantity supplied. Market efficiency relies on the self-correction process that eliminates shortages or surpluses. It also presumes that the market is competitive and is not subject to market failures.
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In the Middle Ages, pepper was used for bartering, and it was often more valuable and stable in value than gold.
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"The roots of education are bitter, but the fruit is sweet." -- Aristotle, Greek philosopher
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SFA
Securities and Futures Authority (UK)
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