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LAW OF COMPARATIVE ADVANTAGE: A basic principle that states every nation has a production activity that incurs a lower opportunity cost than that of another nation, which means that trade between the two nations can be beneficial to both if each specializes in the production of a good with lower relative opportunity cost. While this law is fundamental to the study of international trade, it also applies to other activities, especially the specialization and the division of labor.

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Lesson 12: Business Cycles | Unit 3: Measurement Page: 15 of 26

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

Lagging economic indicators lag the turning points of business cycles by 3 to 12 months.
  • Lagging indicators 'seal the deal' by certifying that a contraction or an expansion is over.
  • The next turning point usually doesn't begin until lagging indicators confirm that the last one has happened.
  • Seven statistics are used as lagging indicators, including in the inflation rate, consumer debt, and the prime interest rate.
  • The Composite Index of Lagging Indicators, displayed in this graph, combines all seven into a single number. This index turns after the official business cycle.

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LONG-RUN AGGREGATE MARKET

A macroeconomic model relating the price level and real production under the assumption that ALL prices are flexible. This is one of two aggregate market submodels used to analyze business cycles, gross production, unemployment, inflation, stabilization policies, and related macroeconomic phenomena. The other is the short-run aggregate market. The long-run aggregate market isolates the interaction between aggregate demand and long-run aggregate supply. The key assumption of this model is that ALL prices, especially resource prices, are flexible. The primary result of this model is that the economy achieves long-run equilibrium at full-employment real production.

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Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway wanting to buy either a replacement remote control for your television or a replacement nozzle for your shower. Be on the lookout for cardboard boxes.
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In the early 1900s around 300 automobile companies operated in the United States.
"Whenever you fall, pick up something. "

-- Oswald Avery, scientist

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