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VARIABLE COST: In general, cost that changes with changes in the quantity of output produced. More specifically, variable cost is combined with the adjectives "total" and "average" to indicate the overall level of variable cost or the per unit variable cost. Variable cost depends on the amount of produced. If there is no production, then there is no variable cost.

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Lesson 12: Business Cycles | Unit 2: A Simple Cycle Page: 11 of 26

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  • A business cycle as the pattern of expanding and contracting economic activity relative to the long-run, full-employment trend.
  • A business cycle contraction, or recession, which is officially designated as at least six months of declining economic activity.
  • A business cycle trough, which is turning point between a contraction and an expansion.
  • A business cycle expansion, which is a period of increasing aggregate economic activity, and the early recovery part of an expansion.
  • A business cycle peak, which is the turning point between an expansion and a contraction.

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ACCOUNTING PROFIT

The difference between the revenue received by a firm and the explicit accounting cost incurred. This is the profit listed on a firm's balance sheet, appears periodically in the financial sector of the newspaper, and is reported to the Internal Revenue Service for tax purposes. While accounting profit is the "standard" designation of profit used in the business world, economists prefer to use economic profit

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Today, you are likely to spend a great deal of time at the confiscated property police auction looking to buy either a computer that can play video games and burn DVDs or a black duffle bag with velcro closures. Be on the lookout for slightly overweight pizza delivery guys.
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The first U.S. fire insurance company was established by Benjamin Franklin in 1752 in Philadelphia.
"Defeat is simply a signal to press onward."

-- Helen Keller, lecturer, author

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