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ADJUSTMENT, LONG-RUN AGGREGATE MARKET: Disequilibrium in the long-run aggregate market induces changes in the price level that restore equilibrium. If the price level is above the long-run equilibrium price level, economy-wide product market surpluses cause the price level to fall. If the price level is below the long-run equilibrium price level, economy-wide product market shortages cause the price level to rise. In both cases long-run equilibrium is restored. Price level changes induce changes in aggregate expenditures but NOT changes in real production. The reason is that long-run aggregate supply is full-employment real production, which is unaffected by the price level.
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THRIFT INSTITUTIONS ADVISORY COUNCIL A support committee of the Federal Reserve System that provides advice and input to the Federal Reserve Board of Governors on matters dealing with thrift institutions (savings and loan associations, credit unions, and mutual savings banks). The Thrift Institutions Advisory Council (TIAC) is comprised of 12 members, each serving for 2 years, who represent the interests of savings and loan associations, credit unions, and mutual savings banks. The TIAC is one of three Federal Reserve Board advisory committees. The other two are Federal Advisory Council and Consumer Advisory Council.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time watching the shopping channel seeking to buy either a birthday greeting card for your mother that doesn't look like a greeting card or a handcrafted spice rack. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
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This isn't me! What am I?
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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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"He who truly knows has no occasion to shout. " -- Leonardo da Vinci, painter, sculptor, architect, engineer
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NNP
Net National Product
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