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RECESSION: The common term used for the contraction phase of the business cycle. A general period of declining economic activity. During a recession, real gross domestic product declines by 10 percent or so and the unemployment rate rises from it's full employment 5 percent level up to the 6 to 10 percent range. Inflation tends to be low or non-existent during a recession. Recession last anywhere from six to eighteen months, with one year being common.
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INTERCEPT, CONSUMPTION LINE The intercept of the consumption line indicates autonomous consumption, consumption that does not depend on the level of income or production. This can be thought of as the baseline level of consumption that would be undertaken if income falls to zero. Autonomous consumption is affected by the consumption expenditures determinants, which cause a change in the intercept and a shift of the consumption line. The value of the intercept of the saving line is the negative of the value of the intercept of the saving line.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time flipping through the yellow pages looking to buy either a coffee cup commemorating the first day of winter or a video game player. Be on the lookout for the last item on a shelf.
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This isn't me! What am I?
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Al Capone's business card said he was a used furniture dealer.
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"Be civil to all; sociable to many; familiar with few; friend to one; enemy to none. " -- Benjamin Franklin, statesman
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ATO
At The Opening
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