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AGGREGATE MARKET EQUILIBRIUM: The state of equilibrium that exists in the aggregate market when real aggregate expenditures are equal to real production with no imbalances to induce changes in the price level or real production. In other words, the opposing forces of aggregate demand (the buyers) and aggregate supply (the sellers) exactly offset each other. The four macroeconomic sector (household, business, government, and foreign) buyers purchase all of the real production that they seek at the existing price level and business-sector producers sell all of the real production that they have at the existing price level. The aggregate market equilibrium actually comes in two forms: (1) long-run equilibrium, in which all three aggregated markets (product, financial, and resource) are in equilibrium and (2) short-run equilibrium, in which the product and financial markets are in equilibrium, but the resource markets are not.
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NORMAL GOOD A good for which a change in income causes a comparable change in demand. That is, an increase in income causes an increase in demand and a decrease in income causes a decrease in demand. The income elasticity of demand for a normal good is positive. A normal good is one of two alternatives falling within the buyers' income demand determinant. The other is an inferior good.
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ORANGE REBELOON
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Today, you are likely to spend a great deal of time browsing about a thrift store hoping to buy either a wall poster commemorating the first day of winter or blue cotton balls. Be on the lookout for jovial bank tellers.
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The word "fiscal" is derived from a Latin word meaning "moneybag."
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"There's a very positive relationship between people's ability to accomplish any task and the time they're willing to spend on it." -- Dr. Joyce Brothers
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APR
Annual Percentage Rate
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