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MARKET FAILURE: A condition in which a market does not efficiently allocate resources to achieve the greatest possible consumer satisfaction. The four main market failures are--(1) public good, (2) market control, (3) externality, and (4) imperfect information. In each case, a market acting without any government imposed direction, does not direct an efficient amount of our resources into the production, distribution, or consumption of the good.

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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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GOVERNMENT BUREAUCRACIES

Relatively complex government organizations that operate according to rules and procedures to implement the programs and policies of political leaders. A bureaucracy is a complex organization that usually contains hundreds or even thousands of employees, each with different duties and responsibilities. Bureaucracies exist in all types of organizations -- private, public, government, business, charities, corporations, even households. The study of public choice indicates that government bureaucracies are one source of government inefficiency. Other sources are politicians, voters, and special interest groups.

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BEIGE MUNDORTLE
[What's This?]

Today, you are likely to spend a great deal of time looking for a downtown retail store wanting to buy either storage boxes for your family photos or a large, stuffed giraffe. Be on the lookout for the happiest person in the room.
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This isn't me! What am I?

Al Capone's business card said he was a used furniture dealer.
"You can't build a reputation on what you are going to do."

-- Henry Ford, automaker

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