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September 21, 2018 

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LAND: One of four basic categories of resources, or factors of production (the other three are labor, capital, and entrepreneurship). This category includes the natural resources used to produce goods and services, including the land itself; the minerals and nutrients in the ground; the water, wildlife, and vegetation on the surface; and the air above.

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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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ARC ELASTICITY

The average elasticity for discrete changes in two variables. The distinguishing characteristic of arc elasticity is that percentage changes are calculated based on the average of initial and ending values of each variable, rather than initial values. Arc elasticity is generally calculated using the midpoint elasticity formula. The contrast to arc elasticity is point elasticity. For infinitesimally small changes in two variables, arc elasticity is the same as point elasticity.

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APLS

ORANGE REBELOON
[What's This?]

Today, you are likely to spend a great deal of time driving to a factory outlet trying to buy either a package of blank rewritable CDs or yellow cotton balls. Be on the lookout for fairy dust that tastes like salt.
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In the Middle Ages, pepper was used for bartering, and it was often more valuable and stable in value than gold.
"Man is born to live, not to prepare for life. "

-- Boris Pasternak, writer

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Autoregressive Conditional Heteroskedasticity
A PEDestrian's Guide
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