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BUREAUCRACY: A system or rules and procedures designed to operate a complex organization. While most people look to government when the term bureaucracy arises (and make no mistake, government is not shy when it comes to complex bureaucracies), bureaucracies exist in all types of organizations -- private, public, government, business, charities, corporations, even households. The problem economists have with bureaucracies is that rigid, administrative rules often drive a wedge between action and responsibility. The clerk at the welfare counter is only following rules established by Congress. The clerk has no authority to change the rules, and Congress seldom if ever sees the consequences of their rules.

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Lesson 12: Business Cycles | Unit 2: A Simple Cycle Page: 10 of 26

Topic: Peak <=PAGE BACK | PAGE NEXT=>

Expansions don't last forever. The end of an expansion is the peak, the turning point to a contraction.
  • Point C is the end of the expansion and the beginning of the contraction, the peak.
  • A peak is the turning point between an expansion and a contraction.
  • A peak is the highest level reached by the economy before a contraction begins, the high before the drop.
  • Anticipating a peak turning point helps avoid the problems of unemployment, a bankrupt business, or lower income.

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SUPPLY TO A FIRM

The range of quantities of a factor that a firm is able to buy at a range of factor prices. Supply to a firm is a phrase that is most relevant to the study of factor markets, especially when contrasted with supply by a firm. Supply to a firm puts the firm on the buying side of the factor market. Supply by a firm puts the firm on the selling side of the factor market.

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RED AGGRESSERINE
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Today, you are likely to spend a great deal of time calling an endless list of 800 numbers hoping to buy either a three-hole paper punch or decorative picture frames. Be on the lookout for fairy dust that tastes like salt.
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The word "fiscal" is derived from a Latin word meaning "moneybag."
"Man is born to live, not to prepare for life. "

-- Boris Pasternak, writer

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