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LONG-RUN EQUILIBRIUM: The condition that exists for the aggregate market when the product, financial, and resource markets are in equilibrium simultaneously. This condition is made possible by flexible wages and prices and is represented by the intersection of the AD (aggregate demand) curve and the LRAS (long-run aggregate supply) curve.
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UNEMPLOYMENT, PRODUCTION POSSIBILITIES Unemployment is the condition that exists when some available resources are NOT engaged in the production of goods and services. In other words, some resources that could be used for production are not being used. This is indicated in production possibilities analysis by producing a combination of goods that places the economy inside the production possibilities curve.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time at an auction wanting to buy either 500 feet of coaxial cable or a coffee cup commemorating the 1960 Presidential election. Be on the lookout for small children selling products door-to-door.
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This isn't me! What am I?
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A lump of pure gold the size of a matchbox can be flattened into a sheet the size of a tennis court!
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"Do not let what you cannot do interfere with what you can do. " -- John Wooden, basketball coach
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GDP
Gross Domestic Product
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