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INFERIOR GOOD: A good for which an increase in income causes a decrease in demand, or a leftward shift in the demand curve. If demand decreases as income increases, it is an inferior good, or a good with a negative income elasticity of demand. An inferior good is one of two alternatives falling within the income determinant of demand. The other is a normal good.

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Lesson 12: Business Cycles | Unit 1: Instability Page: 4 of 26

Topic: Contractionary Bad Times <=PAGE BACK | PAGE NEXT=>

Contractionary bad times give us the most problems.
  • First: Real GDP declines during a contraction. This means less production for the four sectors to buy.
  • Second: Unemployment increases. Resources, especially labor, produce less and receive less income. 3-5 million workers newly employed.
  • Third: The incomes of employed resources also tend to fall, or at least not rise as much as an expansion.
  • Fourth: Business profits decline and bankruptcies increase.
  • Fifth: Social problems, including crime, poverty, and alcoholism, worsen.
But contractions have some good:
  • Inflation remains low or declines.
  • Some resources are more efficiently allocated.

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GOOD TYPES

The economy produces four distinct types of goods based on two key characteristics -- consumption rivalry and nonpayer excludability. Consumption rivalry arises if consumption of a good by one person prevents another from also consuming. Nonpayer excludability means potential consumers who do not pay for a good can be excluded from consuming. Private goods are rival in consumption and easily subject to the exclusion of nonpayers. Public goods are nonrival in consumption and the exclusion of nonpayers is virtually impossible. Near-public goods are nonrival in consumption and easily subject to exclusion. Common-property goods are rival in consumption and not easily subject to exclusion. Private goods can be efficiently exchanged through markets. Public, near-public and common-property goods cannot, but require some degree of government involvement for efficiency.

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RED AGGRESSERINE
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Today, you are likely to spend a great deal of time searching the newspaper want ads wanting to buy either a wall poster commemorating yesterday or pink cotton balls. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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It's estimated that the U.S. economy has about $20 million of counterfeit currency in circulation, less than 0.001 perecent of the total legal currency.
"Lead the life that will make you kindly and friendly to everyone about you, and you will be surprised what a happy life you will lead."

-- Charles M. Schwab

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