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ANNUAL: A standard 12-month period, or one year, used for reporting economic and financial data. Gross Domestic Product and related measures are noted economic data released annually. Many businesses also provide annual financial reports. Another standard reporting period is the quarter.

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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 TOTAL COST

Total cost per unit of output, found by dividing total cost by the quantity of output. When compared with price (per unit revenue), average total cost (ATC) indicates the per unit profitability of a profit-maximizing firm. Average total cost is one of three average cost concepts important to short-run production analysis. The other two are average fixed cost and average variable cost. A related concept is marginal cost.

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Today, you are likely to spend a great deal of time at an auction wanting to buy either any book written by Stephan King or a T-shirt commemorating next Thursday. Be on the lookout for door-to-door salesmen.
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The word "fiscal" is derived from a Latin word meaning "moneybag."
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