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KITCHIN CYCLE: A cycle of economic activity lasting between 3 and 5 years that acquired the name of the first economist to study it, Joseph Kitchin. The Kitchin cycle is attributed to investment in inventories (especially for consumer goods). It is the one that is commonly at work when people are concerned with business-cycle contractions. This is also one of four separate cycles of macroeconomic activity that have been documented or hypothesized. The other three are Juglar cycle, Kuznets cycle, and Kondratieff cycle.
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Lesson 11: Elasticity Basics | Unit 2: A Little More
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Page: 9 of 25
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Topic:
Why Study: Price Controls
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- Price controls take one of two forms -- price ceiling and price floor:
- A price ceiling is a legally mandated maximum price imposed on a market. Buyers and sellers are prevented from exchanging the good at any price above the legal maximum.
- A price floor is a legally mandated minimum price imposed on a market. Buyers and sellers are prevented from exchanging the good at any price below the legal minimum.
- Both types of price controls tend to be more effective for inelastic demand and supply
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VARIABLE INPUT An input whose quantity can be changed in the time period under consideration. The most common example of a variable input is labor. Variable inputs provide the means used by a firm to control short-run production. The alternative to variable input is fixed input. A fixed input, like capital, provides the capacity constraint in production. As larger quantities of a variable input, like labor, are added to a fixed input like capital, the variable input becomes less productive, which is the law of diminishing marginal returns.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time at a going out of business sale looking to buy either a T-shirt commemorating the 2000 Olympics or a genuine fake plastic Tiffany lamp. Be on the lookout for mail order catalogs with hidden messages.
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This isn't me! What am I?
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More money is spent on gardening than on any other hobby.
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"The greatest things ever done on Earth have been done little by little. " -- William Jennings Bryan
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APP
Average Physical Product
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