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INFLEXIBLE WAGES: The proposition that some wages adjust slowly in response to labor market shortages or surpluses. This condition is most important for macroeconomic activity in the short run and short-run aggregate market analysis. In particular, inflexible (also termed rigid or sticky) wages are a key reason underlying the positive slope of the short-run aggregate supply curve.
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RESOURCE QUALITY, AGGREGATE SUPPLY DETERMINANT One of three categories of aggregate supply determinants assumed constant when the short-run or long-run aggregate supply curves are constructed, and which shifts both aggregate supply curves when it changes. An increase in a resource quality causes an increase (rightward shift) of both aggregate supply curves. A decrease in a resource quality causes a decrease (leftward shift) of both aggregate supply curves. The other two categories of aggregate supply determinants are resource quantity and resource price. Specific determinants falling into this general category include education and technology. Anything affecting the quality of labor, capital, land, and entrepreneurship is also included.
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time browsing through a long list of dot com websites seeking to buy either a really, really exciting, action-filled video game or a coffee cup commemorating the moon landing. Be on the lookout for slow moving vehicles with darkened windows.
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Two and a half gallons of oil are needed to produce one automobile tire.
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"The vacuum created by failure to communicate will quickly be filled with rumor, misrepresentations, drivel and poison. " -- C. Northcote Parkinson, historian
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SAS
Statistical Analysis Software
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