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BLACK MARKET: An illegal market in which the price of the goods sold is above a legally set maximum price. A black market invariable results whenever the government imposes a price ceiling on a good. A common example of a price ceiling is rent controls on apartments in many large cities. Although landlords cannot "legally" rent apartments for more than the specified maximum, they often do so "illegally" by charging "finders fees" and "tenant association dues." In so doing, they have entered into the realm of black markets.
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AGGREGATE DEMAND INCREASE, SHORT-RUN AGGREGATE MARKET A shock to the short-run aggregate market caused by an increase in aggregate demand, resulting in and illustrated by a rightward shift of the aggregate demand curve. An increase in aggregate demand in the short-run aggregate market results in an increase in the price level and an increase in real production. The level of real production resulting from the shock can be greater or less than full-employment real production.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time watching the shopping channel trying to buy either income tax software or a how-to book on the art of negotiation. Be on the lookout for celebrities who speak directly to you through your television.
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Lombard Street is London's equivalent of New York's Wall Street.
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"Chance favors only the prepared mind." -- Louis Pasteur, biologist
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PTA
Preferential Trade Agreement
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