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TARIFF: A tax that's usually on imports, but occasionally (very rarely) on exports. This is one form of trade barrier that's intended to restrict imports into a country. Unlike nontariff barriers and quotas which increase prices and thus revenue received by domestic producers, a tariff generates revenue for the government. Most pointy-headed economists who spend their waking hours pondering the plight of foreign trade contend that the best way to restrict trade, if that's what you want to do, is through a tariff.

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Lesson Contents
Unit 1: Instability
  • Overview
  • Business Cycles
  • Expansionary Good Times
  • Contractionary Bad Times
  • Unit 1 Summary
  • Unit 2: A Simple Cycle
  • Long-Run Trend
  • Contraction
  • Trough
  • Expansion
  • Peak
  • Unit 2 Summary
  • Unit 3: Measurement
  • Indicators
  • Leading
  • Coincident
  • Lagging
  • Unit 3 Summary
  • Unit 4: Causes
  • Complexity
  • Investment
  • The Process
  • Politics
  • The Process
  • Unit 4 Summary
  • Unit 5: Policies
  • Options
  • Expansionary
  • Contractionary
  • Unit 5 Summary
  • Course Home
    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.

    BEGIN Lesson =>


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    SAVING SCHEDULE

    A table or chart that represents the relation between saving by the household sector and income. A saving schedule is commonly used for a basic, instructional presentation of aggregate saving activity by the household sector and is also used as a source of numbers for deriving the saving line. The key measures derived from the saving-income relation in the schedule are average propensity to save and marginal propensity to save. The consumption schedule is comparable, and more important, table for the relation between consumption and income.

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    APLS

    PINK FADFLY
    [What's This?]

    Today, you are likely to spend a great deal of time looking for a downtown retail store hoping to buy either a birthday gift for your grandfather or a pleather CD case. Be on the lookout for crowded shopping malls.
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    This isn't me! What am I?

    The first U.S. fire insurance company was established by Benjamin Franklin in 1752 in Philadelphia.
    "Difficulties mastered are opportunities won. "

    -- Winston Churchill, Statesman

    APC
    Average Propensity to Consume
    A PEDestrian's Guide
    Xtra Credit
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