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August 23, 2019 

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EURO ZONE: The geographic area occupied by the member nations of the European Economic and Monetary Union that share the same currency (euro) and monetary policy.

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MICRO GOALS: The two goals of a mixed economy that are most relevant to the study of microeconomics are efficiency and equity. Efficiency is obtaining the most possible satisfaction of wants and needs from a given amount of resources. Equity is the "fairness" with which income and wealth are distributed. Of course, what is "fair" is not obvious.

     See also | economic goals | macro goals | mixed economy | microeconomics | equity | efficiency | satisfaction | wants | needs | Pareto efficiency | income distribution | wealth distribution | third rule of inequality |


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RECESSION

A phase of the business cycle characterized by a general period of declining economic activity. A recession is one of two basic business cycle phases. The other is expansion. The transition from recession to expansion is termed a trough and the transition from expansion to recession is termed a peak. The technical term for recession, which is generally used by economists and policy makers, is contraction.

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Today, you are likely to spend a great deal of time browsing about a thrift store hoping to buy either a genuine down-filled pillow or one of those "hang in there" kitty cat posters. Be on the lookout for small children selling products door-to-door.
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The New York Stock Exchange was established by a group of investors in New York City in 1817 under a buttonwood tree at the end of a little road named Wall Street.
"Be a yardstick of quality. Some people aren't used to an environment where excellence is expected. "

-- Steve Jobs, Apple Computer co-founder

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