|
|
ADJUSTMENT, LONG-RUN AGGREGATE MARKET: Disequilibrium in the long-run aggregate market induces changes in the price level that restore equilibrium. If the price level is above the long-run equilibrium price level, economy-wide product market surpluses cause the price level to fall. If the price level is below the long-run equilibrium price level, economy-wide product market shortages cause the price level to rise. In both cases long-run equilibrium is restored. Price level changes induce changes in aggregate expenditures but NOT changes in real production. The reason is that long-run aggregate supply is full-employment real production, which is unaffected by the price level.
Visit the GLOSS*arama
|
|
|
|
|
DEMAND DETERMINANTS Five ceteris paribus factors that affect demand, but which are assumed constant when a demand curve is constructed. They are buyers' income, buyers' preferences, other prices, buyers' expectations, and number of buyers. Changes in the demand determinants cause shifts of the demand curve and disruptions of the market.
Complete Entry | Visit the WEB*pedia |
|
|
YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time at a garage sale wanting to buy either a weathervane with a cow on top or a box of multi-colored, plastic paper clips. Be on the lookout for celebrities who speak directly to you through your television.
Your Complete Scope
This isn't me! What am I?
|
|
|
Mark Twain said "I wonder how much it would take to buy soap buble if there was only one in the world."
|
|
|
"Anyone who has never made a mistake has never tried anything new. " -- Albert Einstein, physicist
|
|
GATS
General Agreement on Trade in Services
|
|
|
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.
User Feedback
|
|
