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POLLUTION TYPES: Pollution residuals fall into one of three categories--degradable, nondegradeable, and persistent. Damage done by each type, and thus external cost, typically varies. At one extreme are degradable residuals and at the other are nondegradable. In the middle are persistent residuals.
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Lesson 12: Business Cycles | Unit 1: Instability
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Page: 2 of 26
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Business cycles are irregular, nonperiodic fluctuations in aggregate economic activity. Life is good, then it's bad. It's a roller coaster ride. For example, the Great Depression was the worst economic period in this century. - Unemployment reached 25%.
- Total production declined by about 40%.
- Investment declined by 90%.
During the 1920s, production was up, unemployment was down, life was good, then it got bad.- Although we use the term 'cycle', we don't know how long an expansion or a contraction will last. The economy might expand for a year or it might expand for a decade before it declines.
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NET-EXPORT EFFECT A change in aggregate expenditures on real production, especially net exports from the foreign sector, that results because a change in the price level alters the relative prices of exports and imports. The net-export effect, also termed the international-substitution effect, is one of three effects underlying the negative slope of the aggregate demand curve associated with a movement along the aggregate demand curve and a change in aggregate expenditures. The other two are real-balance effect and interest-rate effect. The net-export effect is somewhat analogous to the substitution effect underlying the negative slope of the market demand curve.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time calling an endless list of 800 numbers looking to buy either a how-to book on wine tasting or a bookshelf that will fit in your closet. Be on the lookout for neighborhood pets, especially belligerent parrots.
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This isn't me! What am I?
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Woodrow Wilson's portrait adorned the $100,000 bill that was removed from circulation in 1929. Woodrow Wilson was removed from circulation in 1924.
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"Far and away the best prize that life has to offer is the chance to work hard at work worth doing." -- Theodore Roosevelt, 26th US president
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MSE
Minimum Efficient Scale
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