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COMPETITION: In general, the actions of two or more rivals in pursuit of the same objective. In the context of markets, the specific objective is either selling goods to buyers or alternatively buying goods from sellers. Competition tends to come in two varieties -- competition among the few, which is market with a small number of sellers (or buyers), such that each seller (or buyer) has some degree of market control, and competition among the many, which is a market with so many buyers and sellers that none is able to influence the market price or quantity exchanged.

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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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AVERAGE PROPENSITY TO SAVE

The proportion of household income that is used for saving. The average propensity to save (abbreviated APS) is really nothing more than average saving. Together with the average propensity to consume, it indicates how a given level of income is divided between consumption and saving. A related saving measure is the marginal propensity to save.

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APLS

BROWN PRAGMATOX
[What's This?]

Today, you are likely to spend a great deal of time calling an endless list of 800 numbers seeking to buy either one of those "hang in there" kitty cat posters or a velvet painting of Elvis Presley. Be on the lookout for fairy dust that tastes like salt.
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This isn't me! What am I?

A communal society, a prime component of Karl Marx's communist philosophy, was advocated by the Greek philosophy Plato.
"Inside the ring or out, ain't nothing wrong with going down. It's staying down that's wrong. "

-- Muhammad Ali

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Statement of Standard Accounting Practice
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