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WAGE: A factor payment to the owner of labor for using labor services in the production of goods and services. Wages are included in the National Income and Product Accounts maintained by the Bureau of Economic Analysis under the official title compensation of employees. Wages is the largest of the four factor payments, accounting for about 70% of the income earned by the household sector. The other factors of production (and their corresponding resource) are: interest (capital), rent (land), and profit (entrepreneurship).

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Lesson 12: Business Cycles | Unit 2: A Simple Cycle Page: 10 of 26

Topic: Peak <=PAGE BACK | PAGE NEXT=>

Expansions don't last forever. The end of an expansion is the peak, the turning point to a contraction.
  • Point C is the end of the expansion and the beginning of the contraction, the peak.
  • A peak is the turning point between an expansion and a contraction.
  • A peak is the highest level reached by the economy before a contraction begins, the high before the drop.
  • Anticipating a peak turning point helps avoid the problems of unemployment, a bankrupt business, or lower income.

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AGGREGATE MARKET

An economic model relating the price level and real production that is used to analyze business cycles, gross production, unemployment, inflation, stabilization policies, and related macroeconomic phenomena. The aggregate market, inspired by the standard market model, but adapted to the macroeconomy, captures the interaction between aggregate demand (the buyers) and short-run and long-run aggregate supply (the sellers). Also known by the names AS-AD model or income-price model, the aggregate market is THE cornerstone model of macroeconomic analysis.

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APLS

BEIGE MUNDORTLE
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Today, you are likely to spend a great deal of time touring the new suburban shopping complex wanting to buy either a 200-foot blue garden hose or a video camera with stop action features. Be on the lookout for a thesaurus filled with typos.
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The earliest known use of paper currency was about 1270 in China during the rule of Kubla Khan.
"Act well at the moment, and you have performed a good action for all eternity."

-- Johann Kaspar Lavater

BPEA
Brookings Papers on Economic Activity
A PEDestrian's Guide
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