March 21, 2018 

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RECYCLING: The use or reuse of previously extracted materials, waste products, or finished goods as inputs in the production process rather than using newly extracted natural resources. Recycling is one method of controlling pollution. Many types of resources are commonly recycled. For consumers, aluminum and newspapers are commonly recycled products. Producers frequently recycle steel and iron. In these cases, recycled materials augment the market supply. They also prevent the return of residuals to the environment.

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Lesson 12: Business Cycles | Unit 3: Measurement Page: 13 of 26

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

Leading economic indicators indicate business-cycle activity 3 or 12 months ahead. If leading indicators decline now, then the economy is likely to decline in 3 to 12 months.
  • Leading indicators are eleven statistics that precede changes in the economy.
  • Three notable leading indicators are stock market prices, the money supply, and consumer confidence.
  • The Composite Index of Leading Indicators, displayed in this chart, combines all eleven into a single number.
  • The Composite Index works better than individual indicators, but they are not perfect. Some declines not followed by a contraction.

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The change in total factor cost resulting from a change in the quantity of factor input employed by a monopsony. Marginal factor cost, abbreviated MFC, indicates how total factor cost changes with the employment of one more input. It is found by dividing the change in total factor cost by the change in the quantity of input used. Marginal factor cost is compared with marginal revenue product to identify the profit-maximizing quantity of input to hire.

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Today, you are likely to spend a great deal of time driving to a factory outlet hoping to buy either a large stuffed brown and white teddy bear or a replacement washer for your kitchen faucet. Be on the lookout for fairy dust that tastes like salt.
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