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BUSINESS CYCLE INDICATORS: Assorted economic statistics that provide valuable information about the expansions and contractions of business cycles. These statistics are grouped into three sets--lagging, coincident, and leading. Leading economic indicators tend to move up or down a few months BEFORE business-cycle expansions and contractions. Coincident economic indicators tend to reach their peaks and troughs AT THE SAME TIME as business cycles. Lagging economic indicators tend to rise or fall a few months AFTER business-cycle expansions and contractions.

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Lesson 3: Scarcity | Unit 1: The Concept Page: 2 of 17

Topic: So What? <=PAGE BACK | PAGE NEXT=>

We live in a big, bad world of scarcity.

Meaning:

  • There's never enough resources to produce everything that everyone wants,
  • Some people have to do without some of the stuff that they want or need,
  • The same resources can not be used to produce two different goods at the same time, and
  • Doing one thing, producing one good, performing one activity, forces you to give up something else.

Then:

  • Scarcity is what the study of economics is all about.

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SHORTAGE

A condition in the market in which the quantity demanded is greater than the quantity supplied at the existing price. Because buyers are unable to buy as much of the good as they want, a shortage generally causes an increase in the market price, which then acts to restore equilibrium. A shortage, which also goes by the terms excess demand and sellers' market, is one of two basic states of disequilibrium for the market. The other is surplus.

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APLS

BROWN PRAGMATOX
[What's This?]

Today, you are likely to spend a great deal of time surfing the Internet seeking to buy either an AC adapter that won't fry your computer or a case for your designer sunglasses. Be on the lookout for small children selling products door-to-door.
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This isn't me! What am I?

The penny is the only coin minted by the U.S. government in which the "face" on the head looks to the right. All others face left.
"We must be willing to let go of the life we have planned, so as to have the life that is waiting for us. "

-- E. M. Forster, writer

AGI
Adjusted Gross Income
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