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JOBLESS CLAIMS: The number of people filing for the first time to receive unemployment compensation benefits during a given time period, usually one week. Jobless claims are key indicator of current economic activity and are one of twelve leading economic indicators that forecast business cycle activity. A rise in jobless claims is a clear indication that fewer people are employed, the unemployment rate is on the rise, and the economy is headed into a contraction.
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AGGREGATE SUPPLY DECREASE, SHORT-RUN AGGREGATE MARKET A shock to the short-run aggregate market caused by a decrease in aggregate supply, resulting in and illustrated by a leftward shift of the short-run aggregate supply curve. A decrease in aggregate supply in the short-run aggregate market results in an increase in the price level and a decrease 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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Ragnar Frisch and Jan Tinbergen were the 1st Nobel Prize winners in Economics in 1969.
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"Aerodynamically, the bumblebee shouldn't be able to fly, but the bumblebee doesn't know it so it goes on flying anyway. " -- Mary Kay Ash, entrepreneur
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WPO
Weakly Pareto Optimal
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