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INSTRUMENT: Another term for a financial or legal claim on the physical goods, services, and resources of real side of the economy. Instruments are the means by which income is diverted between household, business, and government sectors. Common instruments are corporate stocks, government bonds, and paper currency.
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WAGES, AGGREGATE SUPPLY DETERMINANT One of several specific aggregate supply determinants assumed constant when the short-run aggregate supply curve is constructed, and that shifts the short-run aggregate supply curve when it changes. An increase in the wages causes a decrease (leftward shift) of the short-run aggregate supply curve. A decrease in the wages causes an increase (rightward shift) of the short-run aggregate supply curve. Other notable aggregate supply determinants include the technology, energy prices, and the capital stock. Wages are an example of a resource price aggregate supply determinant.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time flipping through mail order catalogs looking to buy either a birthday gift for your mother or a weathervane with a horse on top. Be on the lookout for small children selling products door-to-door.
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Francis Bacon (1561-1626), a champion of the scientific method, died when he caught a severe cold while attempting to preserve a chicken by filling it with snow.
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"The purpose of learning is growth, and our minds, unlike our bodies, can continue growing as long as we live." -- Mortimer Adler
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JPAM
Journal of Policy Analysis and Management
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