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EUROPEAN UNION: The economical and political integration of a dozen European nations created by the Maastricht Treaty signed in 1992. The twelve nations forming the European Union (commonly abbreviated EU) are Belgium, Denmark, Greece, Germany, Spain, France, Ireland, Italy, Luxembourg, Netherlands, Portugal, and Great Britain. Three additional nations that have joined the original dozen are Austria, Finland and Sweden. The Economic Union was actually one of several steps by European nations after the end of World War II to promote integration. This Economic Union was established to reduce or eliminate many tariffs and nontariff barriers, create a single monetary unit (the euro), establish of a common military and defense policy, and centralize monetary policy.
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Lesson 9: Macro Basics | Unit 3: Business Cycles
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Page: 8 of 16
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The macroeconomy is unstable. It has periods of falling production, rising inflation, and/or high unemployment. Business cycles are recurring expansions and contractions of the aggregate economy. - Expansion is a general period of increasing economic activity, or rising production, which is associated with low or falling unemployment and high or rising inflation.
- Contraction is a general period of decreasing economic activity, or falling production, which is associated with high or rising unemployment and low or falling inflation.
Counter-cyclical policies to stabilize the business cycle:- During an expansion, try to cause a contraction.
- During a contraction, try to cause an expansion.
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GOVERNMENT FAILURES Inefficiencies in the allocation of resources attributable to imperfections in the operation of governments. Government failures are based on the utility-maximizing behavior of politicians, voters, nonvoters, special interest groups, and government employees. The identification and analysis of government failures is central to the study of public choice and offers something of a counterbalance to government actions designed to address the inefficiencies of market failures.
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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time at the confiscated property police auction hoping to buy either a travel case for you toothbrush or a looseleaf notebook binder. Be on the lookout for jovial bank tellers.
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Junk bonds are so called because they have a better than 50% chance of default, carrying a Standard & Poor's rating of CC or lower.
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"Old age isn't so bad when you consider the alternative. " -- Cato, Roman orator
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LOCH
London Options Clearing House
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