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April 21, 2018 

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HECKSCHER-OHLIN MODEL: A model of international trade developed by Eli Heckscher and Bertil Ohlin, with significant contributions by Paul Samuelson, that relies on the notion that comparative advantage is based on relative natural resource endowments. A nation with large oil reserves will, for example, have a comparative advantage in oil production over another nation with fertile soil, which will have a comparative advantage in agricultural production.

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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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SUPPLY CURVE

A graphical representation of the relation between the supply price and quantity supplied, holding all ceteris paribus supply determinants constant. A supply curve graphically illustrates the law of supply, the direct relation between supply price and quantity supplied for a particular good. It is one half of the standard market model. A demand curve is the other half.

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APLS

BLUE PLACIDOLA
[What's This?]

Today, you are likely to spend a great deal of time searching for a specialty store seeking to buy either a small, foam rubber football or an instructional DVD on learning to the play the oboe. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
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This isn't me! What am I?

Ragnar Frisch and Jan Tinbergen were the 1st Nobel Prize winners in Economics in 1969.
"Inside the ring or out, ain't nothing wrong with going down. It's staying down that's wrong. "

-- Muhammad Ali

NPV
Net Present Value
A PEDestrian's Guide
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