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FALLACY: A logical error in an argument or evaluation of a policy. The six common fallacies that surface in economic analysis are: false cause, personal attack, division, composition, false authority, and mass appeal. These fallacies are most troublesome because, although false, they seem correct, especially when used by a slick-talking, charismatic person (politician) or when the fallacies support a preconceived notion or fundamental belief.
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Lesson Contents
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Unit 1: Instability |
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Unit 2: A Simple Cycle |
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Unit 3: Measurement |
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Unit 4: Causes |
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Unit 5: Policies | |
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Business Cycles
To purpose of this lesson is to examine the nature and causes of macroeconomic instability, which goes by the handy title business cycles. Business cycles are the recurring expansions and contractions of economic activity that generate the problems of unemployment and inflation. This lesson explores how business cycles can be stabilized with the goal of lessening unemployment and inflation. - The notion of business cycles is introduced in the first unit of this lesson, with an eye on what they are and why they are important to study.
- The four components of a standard, simple business cycle -- expansion, peak, contraction, and trough -- are then presented and discussed in the second unit.
- The third unit is devoted to several key measures of business cycle activity, especially leading, lagging, and coincident indicators.
- A couple of the most often discussed causes of business-cycle instability -- investment and politics -- are discussed in the fourth unit.
- The fifth unit closes out this lesson with an introduction to the expansionary and contractionary economic policies used to stabilize business cycles.
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PERFECT COMPETITION, SHORT-RUN PRODUCTION ANALYSIS A perfectly competitive firm produces the profit-maximizing quantity of output that equates marginal revenue and marginal cost. This production level can be identified using total revenue and cost, marginal revenue and cost, or profit. Because a perfectly competitive firm faces a perfectly elastic demand curve, it efficiently allocates resources by equating price and marginal cost. In addition, the marginal cost curve above the average variable cost curve is the perfectly competitive firm's short-run supply curve.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time at a dollar discount store wanting to buy either an AC adapter for your CD player or storage boxes for your family photos. Be on the lookout for slow moving vehicles with darkened windows.
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This isn't me! What am I?
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Sixty percent of big-firm executives said the cover letter is as important or more important than the resume itself when you're looking for a new job
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"Inside the ring or out, ain't nothing wrong with going down. It's staying down that's wrong. " -- Muhammad Ali
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DVP
Discounted Present Value
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