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REGULATORY FORCES: Forces in the marketing environment that depend on various government regulatory agencies that impact how an organization operates on a daily basis. An example is the Federal Trade Commission (FTC), which monitors advertising, deceptive labeling, and false or misleading information. Agencies such as the FTC have powers to enforce regulations through fines and other penalties. Other regulatory agencies are: Food and Drug Administration (FDA), Federal Communications Commission (FCC), Environmental Protection Agency (EPA), and Consumer Product Safety Commission (CPSC).

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Lesson 16: Aggregate Shocks | Unit 5: Synthesis Page: 20 of 21

Topic: Business Cycles <=PAGE BACK | PAGE NEXT=>

To illustrate a business cycle, let's begin with long-run, full-employment equilibrium.
  • With an expansion, consumers have accumulated durable goods.
  • This decreases consumption spending and aggregate demand. The AD curve shifts leftward. We have a recession.
  • Before the SRAS curve automatically shifts to restore full employment, people start buying durable goods again and the AD curve shifts rightward. We have a recovery.
  • The AD curve doesn't stop at full employment. With our expansion we have (possibly) inflation.
  • But accumulation of durable goods causes a decrease in aggregate demand again and another recession.
  • The process continues.

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ACCOUNTING COST

An actual outlay or expenses incurred in the production of a good that shows up in a firm's accounting statements and records. Accounting cost is an explicit payment (that is, money changing hands) incurred by a firm. Accounting cost, while very important to accountants, company CEOs, shareholders, and the Internal Revenue Service, is only minimally important to economists. The reason is that economists are more interested in economic cost (also called opportunity cost), which is the value of foregone production.

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PURPLE SMARPHIN
[What's This?]

Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway looking to buy either a birthday gift for your aunt or a pair of leather sandals that won't cause blisters. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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A thousand years before metal coins were developed, clay tablet "checks" were used as money by the Babylonians.
"You can't build a reputation on what you are going to do."

-- Henry Ford, automaker

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