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KONDRATIEFF CYCLE: A cycle of economic activity lasting between 45 and 60 years that acquired the name of the first economist to study it, the Russian economist N. D. Kondratieff. The Kondratieff cycle is somewhat controversial and has been attributed to a number of different causes, including investment in transportation infrastructure. This is one of four separate cycles of macroeconomic activity that have been documented or hypothesized. The other three are Kitchin cycle, Juglar cycle, and Kuznets cycle.

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EXPANSIONARY GAP: The difference between the equilibrium real production achieved in the short-run aggregate market and full-employment real production the occurs when short-run equilibrium real production is more than full-employment real production. An expansionary gap, also termed an inflationary gap, is associated with a business-cycle expansion, especially the latter stages of an expansion. This is one of two alternative output gaps that can occur when short-run production differs from full employment. The other is a contractionary gap.

     See also | aggregate market | short-run aggregate market | full employment | full-employment real production | real production | inflationary gap | recessionary gap | business cycle | inflation | expansion | self correction |


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EXPANSIONARY GAP, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2025. [Accessed: June 30, 2025].


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ELASTICITY ALTERNATIVES, DEMAND

Five categories of the price elasticity of demand that reflect the entire range of the relative responsiveness of a change in quantity demanded to a change in price. These five alternatives--perfectly elastic, relatively elastic, unit elastic, relatively inelastic, and perfectly inelastic--are often illustrated by different demand curves. The price elasticity of supply is also reflected by five comparable alternatives.

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