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AGGREGATE PRODUCTION FUNCTION: A relation between the total production of real output for an economy and the amount of labor input. The aggregate production function is comparable to the standard production function used in the microeconomic analysis of firm behavior but is applied to the macroeconomic study of aggregate supply, resource markets, and employment. It is typically assumed to experience diminishing marginal returns, resulting in a decreasing marginal product of labor.

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Lesson 12: Business Cycles | Unit 4: Causes Page: 17 of 26

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

Business cycle instability happens, 3 to 4 years of expansion and a year or so of contraction. During each new expansion, we think the business cycle contraction problem has been solved.
  • Every expansion, except the current one, has ended with a contraction. Perhaps we have found THE cause of business cycles and can avoid future contractions.
  • Economy is complex, with many different business cycle causes. Hard to juggle a cell phone, remote control, and lit candle. Eventually you stop and begin again.
Aggregate economic activity is delicate balancing act, with numerous reasons for a contraction.
  • Note that explanations are often influenced by politics and vested interests.

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ECONOMIC SYSTEM

The assorted institutions that society uses to answer the three basic questions of allocation and address the fundamental problem of scarcity. Another, more popular term for economic system is economy. An economy, or economic system, is the structural framework in which households, businesses, and governments undertake the production and consumption decisions that allocate limited resources to satisfy unlimited wants and needs.

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BEIGE MUNDORTLE
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Today, you are likely to spend a great deal of time lost in your local discount super center hoping to buy either clothing for your kitty cats or a set of luggage without wheels. Be on the lookout for slow moving vehicles with darkened windows.
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The portion of aggregate output U.S. citizens pay in taxes (30%) is less than the other six leading industrialized nations -- Britain, Canada, France, Germany, Italy, or Japan.
"Do what you feel in your heart to be right for you'll be criticized anyway. You'll be damned if you do and damned if you don't. "

-- Eleanor Roosevelt, first lady

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