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POLITICAL BUSINESS CYCLE: The notion that a business cycle is caused by elected government leaders who manipulate the economy to achieve personal political goals -- that is, to remain in office. The leaders stimulate the economy leading up to an election, creating a business-cycle expansion that ensures (they hope) their re-election, then induce a business-cycle contraction after the election to correct problems created by pre-election stimulation.
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SLOPE, AGGREGATE DEMAND CURVE The negative slope of aggregate demand curve, reflecting the inverse relation between the price level and aggregate expenditures on real production, is attributable to three primary effects--real-balance effect, interest-rate effect, and net-export effect.
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In the Middle Ages, pepper was used for bartering, and it was often more valuable and stable in value than gold.
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"If anything terrifies me, I must try to conquer it. " -- Francis Charles Chichester, yachtsman, aviator
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MSE
Mean Squared Error
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