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INFLEXIBLE PRICES: The proposition that some prices adjust slowly in response to market shortages or surpluses. This condition is most important for macroeconomic activity in the short run and short-run aggregate market analysis. In particular, inflexible (also termed rigid or sticky) prices are a key reason underlying the positive slope of the short-run aggregate supply curve. Prices tend to be the most inflexible in resource markets, especially labor markets, and the least inflexible in financial markets, with product markets falling somewhere in between.
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FULL EMPLOYMENT, LONG-RUN AGGREGATE SUPPLY The condition that exists when all resources are engaged in production. In practice, however, this condition is virtually impossible to achieve. An economy ALWAYS has some unemployed resources, particularly frictional and structural unemployment. The key characteristic of long-run aggregate supply is that full-employment production is maintained at ALL price levels. In the long run, when all prices and wages are flexible, all markets (financial, product, and especially resource) are in equilibrium, and the level of real production fully employs all available resources.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time at a dollar discount store hoping to buy either hand lotion, a big bottle of hand lotion or a lighted magnifying glass. Be on the lookout for attractive cable television service repair people.
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This isn't me! What am I?
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John Maynard Keynes was born the same year Karl Marx died.
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"The man who can drive himself further once the effort gets painful is the man who will win. " -- Roger Bannister, runner
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NYFE
New York Futures Exchange
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