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June 19, 2018 

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ADAM SMITH: A Scottish professor (born 1723, died 1790) who is considered the father of modern economics for his revolutionary book, entitled An Inquiry into the Nature and Causes of the Wealth of Nations published in 1776.

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

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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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AVERAGE REVENUE CURVE, MONOPOLISTIC COMPETITION

A curve that graphically represents the relation between average revenue received by a monopolistically competitive firm for selling its output and the quantity of output sold. Because average revenue is essentially the price of a good, the average revenue curve is also the demand curve for a monopolistically competitive firm's output.

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[What's This?]

Today, you are likely to spend a great deal of time searching the newspaper want ads looking to buy either a small, foam rubber football or an instructional DVD on learning to the play the oboe. Be on the lookout for rusty deck screws.
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This isn't me! What am I?

Al Capone's business card said he was a used furniture dealer.
"The will to win is important, but the will to prepare is vital. "

-- Joe Paterno, football coach

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