Flashcards - CLEP Social Sciences and History: Aggregate Demand and Supply

Flashcards - CLEP Social Sciences and History: Aggregate Demand and Supply
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sticky prices
Nominal rigidity, also known as price-stickiness or wage-stickiness, describes a situation in which the nominal price is resistant to change
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full employment
Full employment, in macroeconomics, is the level of employment rates where there is no cyclical or deficient-demand unemployment
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full employment
Full employment, in macroeconomics, is the level of employment rates where there is no cyclical or deficient-demand unemployment
sticky prices
Nominal rigidity, also known as price-stickiness or wage-stickiness, describes a situation in which the nominal price is resistant to change
supply shock
A supply shock is an event that suddenly increases or decreases the supply of a commodity or service, or of commodities and services in general
aggregate supply
In economics, aggregate supply or domestic final supply is the total supply of goods and services that firms in a national economy plan on selling during a specific time period
The marginal propensity to save
The marginal propensity to save is the fraction of an increase in income that is not spent on an increase in consumption

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