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PARADOX OF THRIFT: The notion that an increase in saving, which is prudent for an individual during bad economic times, is not the best course of action for the macroeconomy. If total saving in the economy increases, then consumption and aggregate expenditures decline, which causes a decline in aggregate output.
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LONG-RUN AGGREGATE SUPPLY The total (or aggregate) real production of final goods and services available in the domestic economy at a range of price levels, during a period of time in which all prices, especially wages, are flexible, and have achieved their equilibrium levels. Long-run aggregate supply, commonly abbreviated LRAS, is one of two aggregate supply alternatives, distinguished by the degree of price flexibility. The other is short-run aggregate supply. Long-run aggregate supply is combined with aggregate demand, and often short-run aggregate supply, in the long-run aggregate market (or AS-AD) analysis used to analyze economic growth, business-cycle instability, unemployment, inflation, government stabilization policies, and related macroeconomic topics.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time searching for rummage sales looking to buy either a half-dozen helium filled balloons or a packet of address labels large enough for addresses of both the sender and the recipient. Be on the lookout for defective microphones.
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The first U.S. fire insurance company was established by Benjamin Franklin in 1752 in Philadelphia.
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"Opportunities are usually disguised as hard work, so most people don't recognize them." -- Ann Landers, columnist
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NORC
National Opinion Research Center
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