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ZERO SLOPE: A horizontal line in which the numerical value of the slope, calculated as the change in the variable on the vertical axis divided by a change in the variable on the horizontal axis, is zero. In other words, the Y-axis variable is fixed, or constant, for any and all values of the X-axis variable.

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Lesson 9: Macro Basics | Unit 3: Business Cycles Page: 10 of 16

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  • Business cycles, which are recurring expansions and contractions of the aggregate economy.
  • Expansions as general increases in economic activity and contractions as general decreases in economic activity.
  • An expansion is associated with low or falling unemployment and high or rising inflation, and a contraction is associated with high or rising unemployment and low or falling inflation.
  • Some business cycle causes: consumption, investment, government purchases and taxes, net exports, money, and resource supply considerations.


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INDUCED IMPORTS

Imports from the foreign sector that depend on domestic income or production (especially national income and gross domestic product). That is, changes in income induce changes in imports. Induced imports are measured by the marginal propensity to import (MPM) and are reflected by a positive slope of imports line. Induced imports are the reason for induced net exports, generating a negatively sloped net exports line. Autonomous net exports are due to a combination of autonomous exports and autonomous imports.

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Today, you are likely to spend a great deal of time going from convenience store to convenience store wanting to buy either a birthday greeting card for your grandmother or a coffee cup commemorating yesterday. Be on the lookout for defective microphones.
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The first paper notes printed in the United States were in denominations of 1 cent, 5 cents, 25 cents, and 50 cents.
"When you play, play hard; when you work, don't play at all. "

-- Theodore Roosevelt, 26th US president

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