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CAUSE AND EFFECT: The notion that every event in the universe is the direct result of a preceding event. The purpose of the scientific method is to identify these cause-and-effect relationships. This pursuit is based on a simple point of view: everything happens for a reason, something causes an event to happen. For every action there is a consequence. And for every consequence there is a cause.

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Lesson 12: Business Cycles | Unit 2: A Simple Cycle Page: 6 of 26

Topic: Long-Run Trend <=PAGE BACK | PAGE NEXT=>

A closer look to the business cycle.
  • The red line represents the pattern of actual real GDP over time.
  • The blue line is the long-run trend, the historical average of real GDP growth, about 3% each year.
  • In general, real GDP increases.
  • But real GDP occasionally declines, frequently rises faster the long-run trend, and seldom rises exactly equal to the long-run trend.
  • A business cycle is combination of the two periods, (1) expanding economic activity moves the economy up to and above the long-run trend and (2) declining activity that drops it below this trend.

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AVERAGE FACTOR COST, MONOPSONY

Total factor cost per unit of factor input employed by a monopsony in the production of output, found by dividing total factor cost by the quantity of factor input. Average factor cost, abbreviated AFC, is generally equal to the factor price. However, using the longer term average factor cost makes it easier to see the connection to related terms, including total factor cost and marginal factor cost.

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APLS

BLACK DISMALAPOD
[What's This?]

Today, you are likely to spend a great deal of time calling an endless list of 800 numbers 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 jovial bank tellers.
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Rosemary, long associated with remembrance, was worn as wreaths by students in ancient Greece during exams.
"Act well at the moment, and you have performed a good action for all eternity."

-- Johann Kaspar Lavater

MPC
Marginal Propensity to Consume
A PEDestrian's Guide
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