March 23, 2018 

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SECOND-DEGREE PRICE DISCRIMINATION: A form of price discrimination in which a seller charges the different prices for different quantities of a good. This also goes by the name block pricing. This is possible because the different quantities are purchased by different types of buyers with different demand elasticities. This is one of three price discrimination degrees. The others are first-degree price discrimination and third-degree price discrimination.

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Lesson 12: Business Cycles | Unit 4: Causes Page: 20 of 26

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

Re-election seeking politicians is a second explanation for business cycles. Four propositions lay the foundation:
  • An elected leader remains an elected leader only if re-elected.
  • Government can influence economic activity through stabilization policies. Fiscal policy, lower taxes and more spending, can trigger an expansion. The opposite can cause a contraction.
  • Voters re-elect current leader during good times and elect new leaders during bad times. They vote their pocketbooks.
  • Elected leaders know how this process works and give us the recipe for a politically induced business cycles.

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An assortment of ceteris paribus factors other than the price level that affect aggregate demand, but which are assumed constant when the aggregate demand curve is constructed. Changes in any of the aggregate demand determinants cause the aggregate demand curve to shift. The specific ceteris paribus factors are commonly grouped by the four, broad expenditure categories--consumption expenditures, investment expenditures, government purchases, and net exports.

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Today, you are likely to spend a great deal of time searching for rummage sales seeking to buy either a set of luggage without wheels or a how-to book on wine tasting. Be on the lookout for pencil sharpeners with an attitude.
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