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SHORT-RUN AGGREGATE SUPPLY CURVE: A graphical representation of the short-run relation between real production and the price level, holding all ceteris paribus aggregate supply determinants constant. The short-run aggregate supply, or SRAS, curve is one of two curves that graphical capture the supply-side of the aggregate market; the other is the long-run aggregate supply curve (LRAS). The demand-side of the aggregate market is occupied by the aggregate demand curve. The positive slope of the SRAS curve captures the direct relation between real production and the price level that exists in the short run.
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VALUE IN USE The satisfaction of wants and needs provided by the direct consumption of goods and services. Acquiring value from the use of goods and services is really the ultimate goal of economic activity. It is the final step in the production, allocation, and consumption activities that are undertaken to address the fundamental problem of scarcity. Value in use should be contrasted with the similar phrase, value in exchange.
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PURPLE SMARPHIN
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Today, you are likely to spend a great deal of time touring the new suburban shopping complex trying to buy either an instructional DVD on learning to the play the oboe or a small, foam rubber football. Be on the lookout for gnomes hiding in cypress trees.
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North Carolina supplied all the domestic gold coined for currency by the U.S. Mint in Philadelphia until 1828.
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"Time is the scarcest resource, and unless it is managed nothing else can be managed." -- Peter F. Drucker
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TIBOR
Tokyo Interbank Offered Rate (Japan)
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