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MARSHALLIAN CROSS: The standard market diagram, so beloved by undergraduate economics students, with price measured on the vertical axis and quantity measured on the horizontal axis, that presents the law of demand as a downward-sloping demand curve and the law of supply as an upward-sloping supply curve. The derivation of this name comes from it's creator, Alfred Marshall, and that market equilibrium is achieved where the demand and supply curves intersect, or "cross."
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Lesson 12: Business Cycles | Unit 3: Measurement
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Page: 15 of 26
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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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PERFECT COMPETITION, PROFIT MAXIMIZATION A perfectly competitive firm is presumed to produce the quantity of output that maximizes economic profit--the difference between total revenue and total cost. This production decision can be analyzed directly with economic profit, by identifying the greatest difference between total revenue and total cost, or by the equality between marginal revenue and marginal cost.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time touring the new suburban shopping complex looking to buy either 500 feet of telephone cable or a package of 4 by 6 index cards, the ones with lines. Be on the lookout for slow moving vehicles with darkened windows.
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Francis Bacon (1561-1626), a champion of the scientific method, died when he caught a severe cold while attempting to preserve a chicken by filling it with snow.
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"We succeed in enterprises (that) demand the positive qualities we possess, but we excel in those (that) can also make use of our defects." -- Alexis de Tocqueville, Statesman
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NELS
National Educational Longitudinal Survey
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