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LOCAL OUTPUT: An output that has a relatively small geographic market area due to the high cost of transportation. The high transportation cost means it is easier (that is, less expensive) to locate consumers near the output rather than trying to bring the output to the consumers. Like many things, local outputs are a matter of degree. At the other end of the spectrum lies transferrable outputs. Services, such as legal advice, health care, and entertainment, that are consumed as they are produced, tend to have a great deal of local orientation.
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AGGREGATE DEMAND INCREASE, SHORT-RUN AGGREGATE MARKET A shock to the short-run aggregate market caused by an increase in aggregate demand, resulting in and illustrated by a rightward shift of the aggregate demand curve. An increase in aggregate demand in the short-run aggregate market results in an increase in the price level and an increase in real production. The level of real production resulting from the shock can be greater or less than full-employment real production.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time searching for rummage sales trying to buy either a set of luggage without wheels or a how-to book on wine tasting. Be on the lookout for telephone calls from former employers.
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The average bank teller loses about $250 every year.
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"A genius is a talented person who does his homework." -- Thomas Edison
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Income, Nominal Gross National Product
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