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KEYNESIAN: Relating to the macroeconomic theory developed by John Maynard Keynes to address the problem of the persistently high unemployment occurring during the Great Depression. This word is commonly used as a modifier for other terms, such as Keynesian economics, Keynesian policy, or Keynesian equilibrium. Beyond the theory itself, the term Keynesian has come to reflect a particular philosophy toward government and the economy that a market-based economy is unlikely to achieve the macroeconomic goals of full employment, growth, and stability without the active use of government policies.

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AGGREGATE SUPPLY DECREASE, SHORT-RUN AGGREGATE MARKET

A shock to the short-run aggregate market caused by a decrease in aggregate supply, resulting in and illustrated by a leftward shift of the short-run aggregate supply curve. A decrease in aggregate supply in the short-run aggregate market results in an increase in the price level and a decrease 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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Today, you are likely to spend a great deal of time at a dollar discount store trying to buy either a birthday greeting card for your grandfather or a weathervane with a cow on top. Be on the lookout for the last item on a shelf.
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The earliest known use of paper currency was about 1270 in China during the rule of Kubla Khan.
"My philosophy of life is that if we make up our mind what we are going to make of our lives, then work hard toward that goal, we never lose - somehow we win out."

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