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TFC: The abbreviation for total fixed cost, which is cost of production that does NOT change with changes in the quantity of output produced by a firm in the short run. Total fixed cost is one part of total cost. The other is total variable cost. At any and all levels of output, fixed cost is the same. It doesn't change. This includes cost that is not dependent on, or unrelated to, production. The best way to identify fixed cost is to produce zero output. Fixed cost is incurred whether or not any output is produced. A cost measure directly related to total fixed cost is average fixed cost.

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Lesson 12: Business Cycles | Unit 2: A Simple Cycle Page: 8 of 26

Topic: Trough <=PAGE BACK | PAGE NEXT=>

Contractions don't last forever. The end of a contraction is the trough, the turning point to an expansion.
  • Point B is the end of the contraction and the beginning of the expansion, the trough.
  • A trough is the turning point between a contraction and an expansion.
  • A trough is the lowest level reached by the economy before an expansion begins, the dark before the dawn.
  • Turning points are important because they are the transition from bad to good of good to bad.
  • A turning point might not be identified until well after it has happened.

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BANK RESERVES

Assets used by banks to back up deposits and to conduct daily transactions, including withdrawing funds, "cashing" checks, and transferring funds between banks to "clear" checks. Reserves, also termed bank reserves or legal reserves, includes two types of assets: vault cash and Federal Reserve deposits. These legal reserves are then divided between require reserves and excess reserves. Required reserves are used to back up deposits and excess reserves are used for loans.

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Today, you are likely to spend a great deal of time wandering around the shopping mall hoping to buy either blue cotton balls or a genuine down-filled pillow. Be on the lookout for the last item on a shelf.
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John Maynard Keynes was born the same year Karl Marx died.
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