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SELF-CORRECTION, AGGREGATE MARKET: The automatic process through which the aggregate market adjusts from short-run equilibrium to long-run equilibrium. Self-correction results through shifts of the short-run aggregate supply curve caused by changes in wages and other resource prices. Short-run equilibrium in the aggregate market is characterized by inflexible or rigid resource prices, especially wages. This creates temporary imbalances in resource markets, especially unemployment and overemployment of labor. Self-correction is the process in which these temporary imbalances are eliminated through flexible prices and the aggregate market achieves long-run equilibrium. You might want to compare this process to self correction, market.
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UNEMPLOYMENT The general condition in which resources are willing and able to produce goods and services but are not engaged in productive activities. While unemployment is most commonly thought of in terms of labor, any of the other factors of production (capital, land, and entrepreneurship) can be unemployed. The analysis of unemployment, especially labor unemployment, goes hand-in-hand with the study of macroeconomics that emerged from the Great Depression of the 1930s. The most common measure of unemployment is the unemployment rate of labor. Unemployment is one of two primary macroeconomic problems. The other is inflation.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time at a dollar discount store looking to buy either income tax software or a how-to book on the art of negotiation. Be on the lookout for small children selling products door-to-door.
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Only 1% of the U.S. population paid income taxes when the income tax was established in 1914.
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"Nothing will ever be attempted if all possible objections must first be overcome. " -- Samuel Johnson, essayist, critic, lexicographer
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MAR
Minimum Acceptable Revenue
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