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LAW OF INCREASING OPPORTUNITY COST: The proposition that opportunity cost, the value of foregone production, increases as more of a good is produced. This "law" can be seen in the production possibilities schedule and is illustrated graphically through the slope of the production possibilities curve. It generates the distinctive convex shape of the curve, making it flat at the top and steep at the bottom.
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Lesson 12: Business Cycles | Unit 4: Causes
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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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VALUE IN EXCHANGE The ability to trade an item or asset, especially money, for other goods and services that can then be used to satisfy wants and needs. Value in exchange means that value (that is, satisfaction) is obtained indirectly through the acquisition of something else. For an item to have value in exchange it need NOT have value in use, value obtained directly from the consumption of a good or service.
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time searching for a specialty store seeking to buy either a small, foam rubber football or an instructional DVD on learning to the play the oboe. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
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More money is spent on gardening than on any other hobby.
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"Inside the ring or out, ain't nothing wrong with going down. It's staying down that's wrong. " -- Muhammad Ali
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OPBU
Operating Budget
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