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LONG RUN, MACROECONOMICS: In terms of the macroeconomic analysis of the aggregate market, a period of time in which all prices, especially wages, are flexible, and have achieved their equilibrium levels. This is one of two macroeconomic time designations; the other is the short run. Long-run wage and price flexibility means that ALL markets, including resources markets and most notably labor markets, are in equilibrium, with neither surpluses nor shortages. Wage and price flexibility and the resulting resource market equilibria are the reason for the vertical long-run aggregate supply curve.
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MONEY Anything that is generally accepted in exchange as payment for goods and services. The emphasis is on "any" because any item or asset can serve as money so long as it is generally accepted in payment throughout an economy. While the key function of money is to act as a medium of exchange, money also functions as a store of value, standard unit of account, and standard of deferred payment
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time searching for a specialty store looking to buy either a small, foam rubber football or an instructional DVD on learning to the play the oboe. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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Approximately three-fourths of the U.S. paper currency in circular contains traces of cocaine.
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"Do not stop thinking of life as an adventure. You have no security unless you can live bravely, excitingly, imaginatively, unless you can choose a challenge instead of a competence. " -- Eleanor Roosevelt, first lady
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EBC
Electronic Business Communications
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