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ALLOCATIVE EFFICIENCY: Obtaining the most consumer satisfaction from available resources. Allocative efficiency means that our economy is doing the best job possible of satisfying unlimited wants and needs with limited resources -- that is, of addressing the problem of scarcity.

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Lesson 12: Business Cycles | Unit 1: Instability Page: 2 of 26

Topic: Business Cycles <=PAGE BACK | PAGE NEXT=>

Business cycles are irregular, nonperiodic fluctuations in aggregate economic activity. Life is good, then it's bad. It's a roller coaster ride.

For example, the Great Depression was the worst economic period in this century.

  • Unemployment reached 25%.
  • Total production declined by about 40%.
  • Investment declined by 90%.
During the 1920s, production was up, unemployment was down, life was good, then it got bad.
  • Although we use the term 'cycle', we don't know how long an expansion or a contraction will last. The economy might expand for a year or it might expand for a decade before it declines.

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DIVISION OF LABOR

A basic economic notion that labor resources are used more efficiently if work tasks are divided among different workers. This allows workers to specialize in production as each becomes highly skilled at specific tasks.

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PINK FADFLY
[What's This?]

Today, you are likely to spend a great deal of time at a going out of business sale looking to buy either a T-shirt commemorating the 2000 Olympics or a genuine fake plastic Tiffany lamp. Be on the lookout for mail order catalogs with hidden messages.
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This isn't me! What am I?

Lombard Street is London's equivalent of New York's Wall Street.
"The greatest things ever done on Earth have been done little by little. "

-- William Jennings Bryan

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