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INELASTIC: In general, if changes in variable A cause changes in variable B, then the relative change in B is less than the relative change in A. In other words, large changes in variable A cause relatively smaller changes in variable B. An inelastic relationship between two variables is not a very responsive, or stretchable, relationship. You should compare inelastic with elastic.
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AGGREGATE DEMAND INCREASE, LONG-RUN AGGREGATE MARKET A shock to the long-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 long-run aggregate market results in an increase in the price level but no change in real production. The level of real production resulting from the aggregate demand shock is full-employment real production.
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time touring the new suburban shopping complex seeking to buy either hand lotion, a big bottle of hand lotion or a lighted magnifying glass. Be on the lookout for door-to-door salesmen.
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This isn't me! What am I?
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Francis Bacon (1561-1626), a champion of the scientific method, died when he caught a severe cold while attempting to preserve a chicken by filling it with snow.
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"The roots of education are bitter, but the fruit is sweet." -- Aristotle, philosopher
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AS-AD
Aggregate Supply-Aggregate Demand Model
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