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TOTAL COST AND MARGINAL COST: A mathematical connection between marginal cost and total cost stating that marginal cost IS the slope of the total cost curve. If the total cost curve has a positive slope (that is, is upward sloping), then marginal cost is positive. Moreover, if the total cost curve has a positive and increasingly steeper slope, then the marginal cost is positive and rising. If the total cost curve has a positive and decreasingly steeper slope, then the marginal cost is positive but falling.

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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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CONFERENCE BOARD, THE

A private, non-profit, global organization established in 1916 that collects and distributes economic data to assist consumers, business leaders, and government policy makers in their economic decisions. The Conference Board is responsible for compiling the leading, coincident, and lagging economic indicators that are used to track business-cycle activity as well as the widely publicized Consumer Confidence Index. The Conference Board also convenes numerous conferences each year that provide forums to discuss and analyze pressing economic issues.

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PINK FADFLY
[What's This?]

Today, you are likely to spend a great deal of time lost in your local discount super center hoping to buy either a box of multi-colored, plastic paper clips or several orange mixing bowls. Be on the lookout for malfunctioning pocket calculators.
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The average length of a "business lunch" is about 36 minutes.
"The roots of education are bitter, but the fruit is sweet."

-- Aristotle, philosopher

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