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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 8: Market Shocks | Unit 4: Double Shifts Page: 13 of 20

Topic: More Demand and More Supply <=PAGE BACK | PAGE NEXT=>

Market equilibrium is disrupted if both the demand (higher income) and supply (technological breakthrough) curves shift.
  • An increase in demand creates a shortage. Price and quantity tend to increase.
  • An increase supply creates a surplus. Price declines and quantity increases.
  • The combined effect is an obvious increase in quantity but a questionable change in price.
  • At the new equilibrium the price is indeterminant.
  • If demand shifts relatively more than supply, price is higher.
  • If demand shifts relatively less than supply, price is lower.

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MARGINAL COST OF SEARCH

The incremental cost incurred by additional search effort is the marginal cost of search. Marginal cost of search, also termed marginal search cost, is comparable to marginal cost of short-run production analysis. Marginal cost of search increases with an increase in search effort and is represented by the marginal cost of search curve. This is one half of the efficient information search decision. The other is marginal benefit of search.

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BEIGE MUNDORTLE
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Today, you are likely to spend a great deal of time searching the newspaper want ads seeking to buy either a black duffle bag with velcro closures or any book written by Isaac Asimov. Be on the lookout for poorly written technical manuals.
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The 22.6% decline in stock prices on October 19, 1987 was larger than the infamous 12.8% decline on October 29, 1929.
"If anything terrifies me, I must try to conquer it. "

-- Francis Charles Chichester, yachtsman, aviator

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