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CAPACITY UTILIZATION RATE: The ratio of actual production by business sector factories and other productive establishments in the economy to the potential production of these establishments. This rate indicates if our economy's factories are being used as effectively and as fully as possible. Like the unemployment rate, the capacity utilization rate measures how close our economy is to full employment. And like unemployment, this rate moves up and down over the course of a business cycle. During expansions, the rate is near 85 percent (considered full employment), and during contractions, it tends to be in the 70 percent range. In addition to an overall rate, there are also separate rates for manufacturing, mining, and utility industries.
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VERY SHORT RUN, MICROECONOMICS A production period of time in which at all inputs in the production process are fixed, meaning the quantity of output itself is fixed. Also termed market period, the very short run exists if the period is so short that no additional production is possible. In other words, the good has been produced, all that remains is to sell it. This is one of four production time periods used in the study of microeconomics. The other three are short run, long run, and very long run.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time wandering around the shopping mall trying to buy either a wall poster commemorating the 2000 Olympics or a flower arrangement with a lot of roses for your grandmother. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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This isn't me! What am I?
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The word "fiscal" is derived from a Latin word meaning "moneybag."
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"Trust yourself. You know more than you think you do. " -- Benjamin Spock, doctor
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BVAR
Bayesian VAR (Vector Autoregression)
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