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TRANSFER PAYMENTS: Payments made without any corresponding production or expectations of production. Unless otherwise noted (such as business transfer payments), the term transfer payments generally refers to payments by the government sector to the household sector. The three most important transfer payments in our economy are for Social Security, unemployment compensation, and welfare. The intent of these transfers payments is to redistribute income, and thus the goods and services that can be had with the income. Transfer payments surface as income received but not earned (IRBNE) added to national income to derived personal income.

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Lesson 12: Business Cycles | Unit 4: Causes Page: 21 of 26

Topic: The Process <=PAGE BACK | PAGE NEXT=>

Here's how the political business cycle would work:
  • First: Elected leaders start promoting an expansion 2 to 3 years before an election.
  • Second: One means of inducing an expansion is fiscal policy, with lower taxes and more spending.
  • Third: The economy expands, voters are happy, leaders are re-elected. But the expansion causes problems, such as inflation or budget deficits.
  • Fourth: These problems are solved with a contraction after the election, which ends in time for the next pre-election expansion.
  • Fifth: With major elections every 4 years, many leaders have a vested interest making this happen.

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BUSINESS CYCLE INDICATORS

Assorted economic statistics that provide valuable information about the expansions and contractions of business cycles. These statistics are grouped into three sets--lagging, coincident, and leading. Leading economic indicators tend to move up or down a few months BEFORE business-cycle expansions and contractions. Coincident economic indicators tend to reach their peaks and troughs AT THE SAME TIME as business cycles. Lagging economic indicators tend to rise or fall a few months AFTER business-cycle expansions and contractions.

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Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius hoping to buy either a turbo-powered vacuum cleaner or a battery-powered, rechargeable vacuum cleaner. Be on the lookout for a thesaurus filled with typos.
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The Dow Jones family of stock market price indexes began with a simple average of 11 stock prices in 1884.
"Good humor is a tonic for mind and body. It is the best antidote for anxiety and depression. It is a business asset. It attracts and keeps friends. It lightens human burdens. It is the direct route to serenity and contentment."

-- Grenville Kleiser, Author

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