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SHORT-RUN AGGREGATE SUPPLY CURVE: A graphical representation of the short-run relation between real production and the price level, holding all ceteris paribus aggregate supply determinants constant. The short-run aggregate supply, or SRAS, curve is one of two curves that graphical capture the supply-side of the aggregate market; the other is the long-run aggregate supply curve (LRAS). The demand-side of the aggregate market is occupied by the aggregate demand curve. The positive slope of the SRAS curve captures the direct relation between real production and the price level that exists in the short run.
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CONSUMER SOVEREIGNTY The notion that consumers ultimately determine what goods and services are produced and how the economy's limited resources are used based on the purchases they make. Consumers thus reign over the economy as sovereign rulers.
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BEIGE MUNDORTLE
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Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway trying to buy either a rim for your spare tire or decorative celebrity figurines. Be on the lookout for slow moving vehicles with darkened windows.
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The 1909 Lincoln penny was the first U.S. coin with the likeness of a U.S. President.
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"You miss 100% of the shots you never take. " -- Wayne Gretzky, hockey player
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BLUE
Best Linear Unbiased Estimator
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