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DEMOGRAPHIC TRANSITION: A transition experienced by most, if not all, developed countries in which the birth rate and death rate both decline from relatively high levels to relatively low levels. However, because the death rate tends to decline first, often preceding the decline in the birth rate be several decades, the rate of population growth increases. In some cases the rate of population growth can be so high that it circumvents further develop and prevents or postpones the completion of the demographic transition.

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Lesson 12: Business Cycles | Unit 1: Instability Page: 5 of 26

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  • The natural tendency for the economy to expand and contract.
  • Business cycles, which are irregular, nonperiodic fluctuations in aggregate economic activity.
  • The Great Depression, the worst economic period in this century.
  • Expansionary good times that mean more production and rising living standards, but also inflation and inefficiency problems.
  • Contractionary bad times that mean unemployment, less production, lower profits, bankruptcies, and social problems, but also lower inflation and more efficiency resource allocation.

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AVERAGE PRODUCT

The quantity of total output produced per unit of a variable input, holding all other inputs fixed. Average product, usually abbreviated AP, is found by dividing total product by the quantity of the variable input. Average product, which occasionally goes by the alias average physical product (APP), is one of two measures derived from total product. The other is marginal product.

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Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club hoping to buy either a replacement remote control for your stereo system or a computer that can play video games and burn DVDs. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
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A communal society, a prime component of Karl Marx's communist philosophy, was advocated by the Greek philosophy Plato.
"You can't build a reputation on what you are going to do."

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