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NEEDS: This are often thought of as a physiological or biological requirement for maintaining life, such as the need for air, water, food, shelter, and sleep. Satisfaction is achieved by fulfilling needs. Physiological needs should be contrasted with psychological wants that make life more enjoyable but are not necessary to stay alive. However, when push comes to shove, and the nitty gets down to the gritty, it matters very little to markets if people need goods or want goods, so long as they are motivated to satisfy them. This motivation is what drives economic activity.

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Lesson 12: Business Cycles | Unit 2: A Simple Cycle Page: 9 of 26

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

An expansion is a period of increasing aggregate economic activity, indicated by the growth of real GDP from B to C.
  • Expansions typically last about 2-4 years, but can continue up to a decade.
  • The economy generally grows faster than, often surpassing, the long-run trend.
  • A recovery is the early part of an expansion.
  • As the economy approaches point C, above the long-run trend, inflation is most likely to become a problem, as we try to buy more output than our resources can produce.
  • At or above the full-employment, long-run trend line, unemployment is less of a problem.

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INTERCEPT, SAVING LINE

The intercept of the saving line indicates autonomous saving, saving that does not depend on the level of income or production. This can be thought of as the baseline level of saving that would be undertaken if income falls to zero. Autonomous saving is affected by the consumption expenditures determinants, which cause a change in the intercept and a shift of the saving line. The value of the intercept of the saving line is the negative of the value of the intercept of the consumption line.

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Today, you are likely to spend a great deal of time calling an endless list of 800 numbers seeking to buy either a dozen high trajectory optic orange golf balls or a large red and white striped beach towel. Be on the lookout for jovial bank tellers.
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A lump of pure gold the size of a matchbox can be flattened into a sheet the size of a tennis court!
"Lead the life that will make you kindly and friendly to everyone about you, and you will be surprised what a happy life you will lead."

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