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DEMAND SPACE: The area on or beneath a demand curve. Buyers are willing and able to purchase any demand price-quantity demanded combination that places them on or below the demand curve, but not above. The reason is that the demand curve represents the maximum demand price for a given quantity demanded or the maximum quantity demanded for a given demand price.

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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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MARKET EFFICIENCY

The notion that a competitive market automatically achieves an efficient allocation of resources by equating demand price with supply price and quantity demanded with quantity supplied. Market efficiency relies on the self-correction process that eliminates shortages or surpluses. It also presumes that the market is competitive and is not subject to market failures.

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Today, you are likely to spend a great deal of time browsing through a long list of dot com websites trying to buy either decorative celebrity figurines or a flower arrangement with anything but tulips for your grandfather. Be on the lookout for attractive cable television service repair people.
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The penny is the only coin minted by the U.S. government in which the "face" on the head looks to the right. All others face left.
"God grants victory to perseverance. "

-- Simon Bolivar, South American liberator

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