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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.
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                           ECONOMIC ANALYSIS: The process of investigating economic phenomena in a systematic manner. In one sense, this is the heart and soul of the economic discipline. While economists spend an ample time identifying economic concepts, the end result of this discovery process is usually aimed at combining these concepts in such a way as to evaluate or analyze alternative consequences. For example, economists seek to understand the notions of demand and supply. But this is not the end result of their analytical quest. They are more interested in analyzing how a change in buyers' income, as a demand determinant, affects the demand for a good like gasoline and subsequently its price. Or how technological improvements, as a supply determinant, affects the supply of a good like computers and subsequently the quantity sold.One important aspect of economic analysis is that it is typically performed "at the margin," meaning that economists are usually more concerned with small, incremental changes than with overall totals. For example, economists are more interested in how many additional computers are sold because of the technological advance than in the total sales of computers. The reason for this "marginal" obsession is that consumers, producers, and other economic decision-makers usually make choices "at the margin." Consumers decide whether or not to buy another hot fudge sundae today (having eaten dozens this year). They do not decide in January how many to purchase for the entire year. They decide each hot fudge sundae purchase one at a time. And so it goes for many economic decisions.
Recommended Citation:ECONOMIC ANALYSIS, AmosWEB Encyclonomic WEB*pedia, http://www.AmosWEB.com, AmosWEB LLC, 2000-2025. [Accessed: May 23, 2025].
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BROWN PRAGMATOX
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Today, you are likely to spend a great deal of time flipping through the yellow pages seeking to buy either a rotisserie oven that can also toast bread or a flower arrangement in a coffee cup for your father. Be on the lookout for neighborhood pets, especially belligerent parrots.
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Al Capone's business card said he was a used furniture dealer.
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