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KUZNETS CYCLE: A cycle of economic activity lasting between 15 and 20 years that acquired the name of the first economist to study it, Nobel Prize laureate Simon Kuznets. The Kuznets cycle is attributed to investment in housing and building construction and is well know among professionals in the real estate market. 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 Kondratieff cycle.
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AVERAGE FIXED COST CURVE A curve that graphically represents the relation between average fixed cost incurred by a firm in the short-run product of a good or service and the quantity produced. This curve is constructed to capture the relation between average fixed cost and the level of output, holding other variables, like technology and resource prices, constant. The average fixed cost curve is one of three average curves. The other two are average total cost curve and average variable cost curve. A related curve is the marginal cost curve.
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time searching for rummage sales looking to buy either a replacement remote control for your television or a replacement nozzle for your shower. Be on the lookout for malfunctioning pocket calculators.
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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.
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"Success without honor is an unseasoned dish; it will satisfy your hunger, but it won't taste good. " -- Joe Paterno, Football coach
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SPO
Strongly Pareto Optimal
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