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October 22, 2018 

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DECISION MAKING PROCESS: The five step decision making process the consumer uses to complete a purchasing decision. Step one is defining the problem. Step two is collecting data on possible choices. Step three is evaluating the alternatives. Step four is making a decision. Step five is post-purchase behavior, sometimes buyer’s remorse.

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INFLATIONARY GAP

The difference between the equilibrium real production achieved in the short-run aggregate market and full-employment real production that occurs when short-run equilibrium real production is more than full-employment real production. An inflationary gap, also termed an expansionary 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 equilibrium generates production that differs from full employment. The other is a recessionary gap.

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Packing Up For MIGRATION

The quiet, peaceful town of Shady Valley has always been a great place for a pedestrian to wander through the workings of the economy. I'm afraid, though, that it's about to end. I've been offered another job -- an opportunity to wander around the streets of the distant mecca of Shady Lane to search out the mysteries of plant pathology. In Shady Lane, the sidewalks are smoother, the crosswalks are better, and the pay is much more lucrative. However, in that Shady Lane is in another time zone and several states away, migration would be my last topic of the day. There's a lot to be gained from this potential relocation of my residence, but it's not without cost. While I ponder this decision, perhaps you can help out by considering the topic of migration.
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Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club wanting to buy either a cross-cut paper shredder or a birthday greeting card for your father. Be on the lookout for telephone calls from long-lost relatives.
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During the American Revolution, the price of corn rose 10,000 percent, the price of wheat 14,000 percent, the price of flour 15,000 percent, and the price of beef 33,000 percent.
"A stumble may prevent a fall. "

-- Margaret Thatcher, British prime minister

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