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PI: The abbreviation for personal income, which is the total income received by the members of the domestic household sector, which may or may not be earned from productive activities during a given period of time, usually one year. Personal income is one of three measures of income reported quarterly (every three months) in the National Income and Product Accounts maintained by the Bureau of Economic Analysis.

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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 REVENUE CURVE

A curve that graphically represents the relation between average revenue received by a firm for selling its output and the quantity of output sold. Because average revenue is essentially the price of a good, the average revenue curve is also the demand curve for a firm's output. The average revenue curve for a firm with no market control is horizontal. The average revenue curve for a firm with market control is negatively sloped.

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PURPLE SMARPHIN
[What's This?]

Today, you are likely to spend a great deal of time at an auction hoping to buy either a coffee cup commemorating last Friday (you know why) or a wall poster commemorating the first day of spring. Be on the lookout for cardboard boxes.
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This isn't me! What am I?

On a typical day, the United States Mint produces over $1 million worth of dimes.
"A stumble may prevent a fall. "

-- Margaret Thatcher, British prime minister

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