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OTHER THINGS EQUAL: A common assumption used in economic analysis that often goes by the technical Latin term, ceteris paribus. This assumption is used when identifying the relation between two specific variables, such as price and quantity for the law of demand. In so doing, the causal connection between the two variables can be identified. However, economic analysis becomes more interesting and useful when this assumption is relaxed, which makes it possible to examine how these "other things" affect the relation under study.

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Lesson 4: Production Possibilities | Unit 4: Analysis Page: 18 of 24

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  • How full employment is represented by any bundle ON the production possibilities curve and unemployment is represented by any bundle INSIDE the production possibilities curve.
  • The production possibilities curve as a frontier or boundary that cannot be cross give current quantities and qualities of resources.
  • How the process of economic growth expands the production possibilities curve to reach previously unreachable bundles of goods.
  • How economic growth is achieved by increasing the quantity or quality of resources.
  • Five important sources of economic growth-the quantity of labor, the quantity of capital, the quantity of materials, education, and technology.


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CONTRACTION

A phase of the business cycle characterized by a general period of declining economic activity. A contraction is one of two basic business cycle phases. The other is expansion. The transition from contraction to expansion is termed a trough and the transition from expansion to contraction is termed a peak. The popular term for contraction, one that frequently shows up in the media, is recession.

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Today, you are likely to spend a great deal of time at the confiscated property police auction hoping to buy either a computer that can play video games and burn DVDs or a black duffle bag with velcro closures. Be on the lookout for celebrities who speak directly to you through your television.
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The first paper currency used in North America was pasteboard playing cards "temporarily" authorized as money by the colonial governor of French Canada, awaiting "real money" from France.
"The greatest things ever done on Earth have been done little by little. "

-- William Jennings Bryan

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