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September 19, 2018 

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PLANNING HORIZON: Another term for the long-run average cost curve. The long-run average cost curve is termed the planning horizon because it provides information a firm can use to plan factory construction and expansion in the long run.

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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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ECONOMIC GROWTH, PRODUCTION POSSIBILITIES

Economic growth is the process of increasing the economy's ability to produce goods and services. It is achieved by increasing the quantity or quality of resources. This process can be illustrated as an outward shift of the production possibilities curve.

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ORANGE REBELOON
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Today, you are likely to spend a great deal of time going from convenience store to convenience store wanting to buy either a birthday greeting card for your grandmother or a coffee cup commemorating yesterday. Be on the lookout for defective microphones.
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The portion of aggregate output U.S. citizens pay in taxes (30%) is less than the other six leading industrialized nations -- Britain, Canada, France, Germany, Italy, or Japan.
"When you play, play hard; when you work, don't play at all. "

-- Theodore Roosevelt, 26th US president

LRAC
Long Run Average Cost
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