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BUSINESS CYCLES: The recurring expansions and contractions of the national economy (usually measured by real gross domestic product). A complete cycle typically lasts from three to five years, but could last ten years or more. It is divided into four phases -- expansion, peak, contraction, and trough. Unemployment inevitably rises during contractions and inflation tends to worsen during expansions. To avoid the inflation and unemployment problems of business cycles, the federal government frequently undertakes various fiscal and monetary policies.
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Lesson 5: Demand | Unit 1: Buying Basics
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Page: 4 of 20
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- Demand as the range of prices and quantities that buyers are willing and able to buy at different prices.
- Why buyers must be both willing and able to buy a good to have a demand. Willingness is based on tastes and preferences. Ability is based on income.
- Why demand includes a range of prices and quantities, not just a specific quantity.
- Why demand is analyzed during a given time period.
- Demand price as the maximum price that buyers would be willing and able to pay for a given quantity.
- Quantity demanded as the maximum quantity buyers would be willing and able to buy at a specific price.
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AUTONOMOUS INVESTMENT Business investment expenditures that do not depend on income or production (especially national income or even gross domestic product). That is, changes in income do not generate changes in investment. Autonomous investment is best thought of as investment that the business sector undertakes regardless of the state of the economy. It is measured by the intercept term of the investment line. The alternative to autonomous investment is induced investment, which does depend on income.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time flipping through the yellow pages trying to buy either a velvet painting of Elvis Presley or a wall poster commemorating yesterday. Be on the lookout for vindictive digital clocks with revenge on their minds.
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The Dow Jones family of stock market price indexes began with a simple average of 11 stock prices in 1884.
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"The past is a foreign country; they do things differently there." -- Leslie Poles Hartley, Writer
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EC
European Community
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