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FLEXIBLE PRICES: The proposition that prices adjust in the long run in response to market shortages or surpluses. This condition is most important for long-run macroeconomic activity and long-run aggregate market analysis. In particular, flexible prices are the key reason for the vertical slope of the long-run aggregate supply curve. This proposition is also central to original classical theory of macroeconomics and to modern variations, including rational expectations, new classical theory, and supply-side economics.
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ALLOCATION The process of distributing resources for the production of goods and services, and of distributing goods and services for the satisfaction of wants and needs and human consumption. This allocation process is an essential part of an economy's effort to address the problem of scarcity.
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GREEN LOGIGUIN
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Today, you are likely to spend a great deal of time at a crowded estate auction hoping to buy either a green and yellow striped sweater vest or a Boston Red Sox baseball cap. Be on the lookout for door-to-door salesmen.
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There were no banks in colonial America before the U.S. Revolutionary War. Anyone seeking a loan did so from another individual.
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"Trust yourself. You know more than you think you do. " -- Benjamin Spock, doctor
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