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POLITICAL BUSINESS CYCLE: The notion that a business cycle is caused by elected government leaders who manipulate the economy to achieve personal political goals -- that is, to remain in office. The leaders stimulate the economy leading up to an election, creating a business-cycle expansion that ensures (they hope) their re-election, then induce a business-cycle contraction after the election to correct problems created by pre-election stimulation.

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Lesson 1: Economic Basics | Unit 1: Economics Page: 2 of 18

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An understanding of economics also involves:

Scarcity. We have limited resources, but unlimited wants and needs. The study of economics is essentially the study of scarcity.
Opportunity Cost. Using resources for one alternative prevents using them for another. Opportunity cost is the highest valued alternative.
Analysis. Economics is an analytical discipline that answers 'What if...?' questions.

Scarcity dictates that we must answer the three basic questions of allocation are:
  • What? What goods and services will be produced with society's resources?
  • How? How will society's resources be used to produce the goods and services?
  • For whom? Who receives the goods and services produced with society's resources?

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ELASTICITY DETERMINANTS

Three factors that affect the numerical value of the price elasticity of demand and the price elasticity of supply--availability of substitutes, time period of analysis, and proportion of budget. The price elasticities of demand and/or supply for a good can change if these determinants change. The first two determinants are important to both price elasticity of demand and price elasticity of supply, while the third relates specifically to the price elasticity of demand.

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Today, you are likely to spend a great deal of time strolling through a department store looking to buy either a brown leather attache case or car battery jumper cables. Be on the lookout for door-to-door salesmen.
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A U.S. dime has 118 groves around its edge, one fewer than a U.S. quarter.
"The greatest barrier to success is the fear of failure."

-- Sven Goran Eriksson, writer

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