March 23, 2018 

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IADB: (Inter-American Development Bank) A regional multilateral development institution established 1959 to help accelerate economic and social development in Latin America and the Caribbean. The Bank provides loans and technical assistance using capital provided by its member countries, as well as resources obtained in world capital markets through bond issues. The Bank is owned by its 46 member countries: 26 borrowing member countries in Latin America and the Caribbean, and 20 nonborrowing countries, including the United States, Japan, Canada, 16 European countries, and Israel. The Inter-American Development Bank has its headquarters in Washington, DC.

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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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The directional change in a variable, resulting from the disruption of an equilibrium that is identified using comparative statics, is not known. This term is commonly used to indicate that the change in either price or quantity is unknown when the market experiences simultaneous shifts in both the demand and supply curves. For example, an increase in both demand and supply definitely cause an increase in the quantity exchanged. But whether the market price increases or decreases is indeterminant.

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