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HYSTERESIS: The notion that the natural rate of unemployment is affected by historical events, especially the onset of a business-cycle contraction. Hysteresis results because unemployed resources are permanently changed, through loss of job skills or seniority, making them less employable when the contraction is over. The labor market itself might be permanently change. The result is a permanent increase in structural and frictional unemployment and a higher natural unemployment rate. Alternatively, a prolonged business-cycle expansion can generate long-term changes that cause a permanent decrease in the natural unemployment rate.
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MARGINAL ANALYSIS A basic technique used in economics that analyzes small, incremental changes in key variables. Marginal analysis is the primary analytical approached used in the study of markets, production, consumption, business cycles, and economic policies. It not only reflects how most economic decisions are made, it also lends itself to mathematical and graphical analysis.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time at the confiscated property police auction wanting to buy either a birthday gift for your uncle or a pair of red and purple designer socks. Be on the lookout for mail order catalogs with hidden messages.
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Two and a half gallons of oil are needed to produce one automobile tire.
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"There is more to life than increasing its speed. " -- Mohandas Gandhi, activist
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FOB
Free on Board
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