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NEAR-PUBLIC GOOD: A good that's easy to keep nonpayers from consuming, but use of the good by one person doesn't prevent use by others. The trick with a near-public good is that it's easy to keep people away, and thus you can charge them a price for consuming, but there's no real good reason to do so. From an efficiency view, the more people who consume a near-public good, the better off society. This mixture of nearly unlimited benefits and the ability to charge a price means that some near-public goods are sold through markets and others are provided by government. For efficiency's sake, none should be sold through markets.
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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 flipping through mail order catalogs trying to buy either a coffee cup commemorating the moon landing or a how-to book on surfing the Internet. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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This isn't me! What am I?
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The average bank teller loses about $250 every year.
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"Sometimes when you innovate, you make mistakes. It is best to admit them quickly and get on with improving your other innovations. " -- Steve Jobs, Apple Computer founder
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T-BOND
Treasury Bond
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