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INEFFICIENCY: When the economy is NOT obtaining the highest level of consumer satisfaction from the available resources. Inefficiency occurs if it is possible to reallocate resources in a way that would generate greater satisfaction.
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AGGREGATE SUPPLY INCREASE, LONG-RUN AGGREGATE MARKET A shock to the long-run aggregate market caused by an increase in aggregate supply, resulting in and illustrated by a rightward shift of the long-run aggregate supply curve. An increase in aggregate supply in the long-run aggregate market results in a decrease in the price level and an increase in real production. The level of real production resulting from the shock is a greater level of full-employment real production.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time looking for a downtown retail store trying to buy either a wall poster commemorating the first day of winter or blue cotton balls. Be on the lookout for celebrities who speak directly to you through your television.
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This isn't me! What am I?
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Lombard Street is London's equivalent of New York's Wall Street.
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"One person with a belief is equal to a force of ninety-nine with only interests." -- John Stuart Mill
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SLLN
Strong Law of Large Numbers
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