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AGGREGATION: The process of adding up, summing, or otherwise identifying the total value of a variable or measure, especially when used in the study of macroeconomics. Common items that are aggregated are demand, supply, and expenditures on gross domestic product, which result in aggregate demand, aggregate supply, and aggregate expenditures.

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RECESSION: The common term used for the contraction phase of the business cycle. A general period of declining economic activity. During a recession, real gross domestic product declines by 10 percent or so and the unemployment rate rises from it's full employment 5 percent level up to the 6 to 10 percent range. Inflation tends to be low or non-existent during a recession. Recession last anywhere from six to eighteen months, with one year being common.

     See also | business cycle | contraction | real gross domestic product | unemployment rate | inflation | full employment | expansion | peak | trough | recovery | depression | recessionary gap |


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RECESSION, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2025. [Accessed: May 22, 2025].


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OTHER PRICES, SUPPLY DETERMINANT

The prices of other goods that influence the decision to sell a particular good, which are assumed constant when a supply curve is constructed. Other prices can be for goods that are either substitutes-in-production or complements-in-production. This is one of five supply determinants that shift the supply curve when they change. The other four are resource prices, production technology, sellers' expectations, and number of sellers.

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Today, you are likely to spend a great deal of time browsing through a long list of dot com websites wanting to buy either blue cotton balls or a genuine down-filled pillow. Be on the lookout for gnomes hiding in cypress trees.
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Okun's Law posits that the unemployment rate increases by 1% for every 2% gap between real GDP and full-employment real GDP.
"Carpe diem! Rejoice while you are alive; enjoy the day; live life to the fullest; make the most of what you have. It is later than you think."

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