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April 25, 2018 

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LRAC: The abbreviation for long-run average cost, which is the per unit cost of producing a good or service in the long run when all inputs are variable. In other words, long-run total cost divided by the quantity of output produced. Long-run average cost is based on economies of scale (or increasing returns to scale) and diseconomies of scale (or decreasing returns to scale).

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Lesson 12: Business Cycles | Unit 1: Instability Page: 1 of 26

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It's a fact of life that the economy is unstable. Like a roller coaster rises and falls, the economy expands and contracts.
  • The economy goes up and down, twisting and turning along the way.
  • In general, we prefer the good that comes with a rising, expanding economy and don't like the bad that comes with a falling, contracting one.
  • The fluctuations in the economy never stop.
  • It is difficult for the economy to run full speed at all times.
  • Economic fluctuations go by the term business cycles.

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SUPPLY SPACE

The area on or above a supply curve that indicates all possible price-quantity combinations acceptable to sellers. Buyers are willing and able to purchase any price-quantity combination that places them on or above the supply curve, but not above.

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APLS

BEIGE MUNDORTLE
[What's This?]

Today, you are likely to spend a great deal of time flipping through the yellow pages seeking to buy either a coffee cup commemorating next Thursday or a replacement remote control for your stereo system. Be on the lookout for strangers with large satchels of used undergarments.
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This isn't me! What am I?

Francis Bacon (1561-1626), a champion of the scientific method, died when he caught a severe cold while attempting to preserve a chicken by filling it with snow.
"The greatest things ever done on Earth have been done little by little. "

-- William Jennings Bryan

IGARCH
Integrated Generalized Autoregressive Conditional Heteroskedasticity
A PEDestrian's Guide
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