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LONG-RUN INDUSTRY SUPPLY CURVE: The relation between market price and the quantity supplied by all firms in a perfectly competitive industry after the industry as completed its long-run adjustment. The long-run industry supply curve effectively traces out a series of equilibrium prices and quantities the reflect long-run adjustments of a perfectly competitive industry to demand shocks. This long-run adjustment can take one of three paths: increasing, decreasing, and constant. These three adjustment paths indicate an increasing-cost industry, decreasing-cost industry, and constant-cost industry, respectively.

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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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CONSUMER SOVEREIGNTY

The notion that consumers ultimately determine what goods and services are produced and how the economy's limited resources are used based on the purchases they make. Consumers thus reign over the economy as sovereign rulers.

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Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway looking to buy either a flower arrangement with anything but tulips for your grandfather or a birthday greeting card for your mother that doesn't look like a greeting card. Be on the lookout for pencil sharpeners with an attitude.
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Natural gas has no odor. The smell is added artificially so that leaks can be detected.
"When I look back on all these worries, I remember the story of the old man who said on his deathbed that he had had a lot of trouble in his life, most of which had never happened. "

-- Winston Churchill, British statesman

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