Macroeconomics

Sticky-price model:

The model of aggregate sup-

ply emphasizing the slow adjustment of the prices of

goods and services.

Stock:

1. A variable measured as a quantity at a

point in time. (Cf. flow.) 2. Shares of ownership in a

corporation.

Stock market:

A market in which shares of own-

ership in corporations are bought and sold.

Stock-out avoidance:

The motive for holding in-

ventories according to which firms keep extra goods

on hand to prevent running out if sales are unex-

pectedly high.

Store of value:

A way of transferring purchasing

power from the present to the future; one of the

G L O S S A R Y

| 583

functions of money. (Cf. medium of exchange, unit

of account.)

Structural unemployment:

The unemployment

resulting from wage rigidity and job rationing. (Cf.

frictional unemployment.)