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ADAM SMITH: A Scottish professor (born 1723, died 1790) who is considered the father of modern economics for his revolutionary book, entitled An Inquiry into the Nature and Causes of the Wealth of Nations published in 1776.
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SHORT-RUN AGGREGATE MARKET A macroeconomic model relating the price level and real production under the assumption that SOME prices are inflexible, especially resource prices. This is one of two aggregate market submodels used to analyze business cycles, gross production, unemployment, inflation, stabilization policies, and related macroeconomic phenomena. The other is the long-run aggregate market. The short-run aggregate market isolates the interaction between aggregate demand and short-run aggregate supply. The key assumption of this model is that SOME prices, especially resource prices, are inflexible. The primary result of this model is that the economy can achieve short-run equilibrium at real production that is either greater than or less than full-employment.
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GRAY SKITTERY
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Today, you are likely to spend a great deal of time driving to a factory outlet looking to buy either decorative celebrity figurines or a flower arrangement with anything but tulips for your grandfather. Be on the lookout for malfunctioning pocket calculators.
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The wealthy industrialist, Andrew Carnegie, was once removed from a London tram because he lacked the money needed for the fare.
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"You are never given a dream without also being given the power to make it true." -- Richard Bach, Author
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