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VERTICAL AXIS: In a graph, this is one of two lines that intersect at a right angle. This is the 'Y-axis' that runs up and down.
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Lesson 12: Business Cycles | Unit 4: Causes
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Page: 17 of 26
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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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AVERAGE FACTOR COST CURVE A curve that graphically represents the relation between average factor cost incurred by a firm for employing an input and the quantity of input used. Because average factor cost is essentially the price of the input, the average factor cost curve is also the supply curve for the input. The average factor cost curve for a firm with no market control is horizontal. The average revenue curve for a firm with market control is positively sloped.
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time wandering around the downtown area hoping to buy either a wall poster commemorating last Friday (you know why) or a country wreathe. Be on the lookout for defective microphones.
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This isn't me! What am I?
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Approximately three-fourths of the U.S. paper currency in circular contains traces of cocaine.
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"The past is a foreign country; they do things differently there." -- Leslie Poles Hartley, Writer
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PO
Pareto Optimal
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