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RECESSION: The common term used for the contraction phase of the business cycle. A general period of declining economic activity. During a recession, real gross domestic product declines by 10 percent or so and the unemployment rate rises from it's full employment 5 percent level up to the 6 to 10 percent range. Inflation tends to be low or non-existent during a recession. Recession last anywhere from six to eighteen months, with one year being common.

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Lesson 5: Demand | Unit 3: Demand Curve Page: 11 of 20

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The area beneath the demand curve is the demand space.
  • The curve represents the maximum price that buyers would be willing to pay.
  • Buyers would be willing to pay less than the demand price on the demand curve, but not more.

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M1

The narrow-range monetary aggregate for the U.S. economy containing the combination of currency (and coins) issued by government and held by the nonbank public and checkable deposits issued by banking institutions. M1 contains the two items that function as THE medium of exchange for the U.S. economy. M1 is one of three monetary aggregates tracked and reported by the Federal Reserve System. The other two are designated M2 and M3.

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BEIGE MUNDORTLE
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Today, you are likely to spend a great deal of time lost in your local discount super center seeking to buy either a microwave over that won't burn your popcorn or a T-shirt commemorating the first day of winter. Be on the lookout for jovial bank tellers.
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Mark Twain said "I wonder how much it would take to buy soap buble if there was only one in the world."
"The more you praise and celebrate your life, the more there is in life to celebrate."

-- Oprah Winfrey

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