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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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COMMON-PROPERTY GOODS Goods characterized by rival consumption and the inability to exclude nonpayers. Common-property goods are one of four types of goods differentiated by consumption rivalry and nonpayer excludability. The other three goods are private (rival consumption and nonpayers can be excluded), public (nonrival consumption and nonpayers cannot be excluded), and near-public (nonrival consumption and nonpayers can be excluded). Nonrival consumption and the ease of excluding of nonpayers means common-property goods cannot be efficiently exchanged through markets and are often overconsumed.
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GRAY SKITTERY
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Today, you are likely to spend a great deal of time surfing the Internet hoping to buy either a flower arrangement with daisies and carnations for your uncle or a coffee cup commemorating next Thursday. Be on the lookout for crowded shopping malls.
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In the late 1800s and early 1900s, almost 2 million children were employed as factory workers.
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"A people that values its privileges above its principles soon loses both. " -- Dwight Eisenhower, 34th US president
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AACCLA
Association of American Chambers of Commerce in Latin America
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