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EUROPEAN COMMISSION: The executive body of the European Union that is charged with initiating Union-wide regulations. This is as close as the European Union has come to a centralized "federal" government comparable to that in the United States. It, however, has not achieved the status. The 15 national members of the European Union still retain a significant degree of autonomy.
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Lesson 12: Business Cycles | Unit 4: Causes
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Page: 21 of 26
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Here's how the political business cycle would work:- First: Elected leaders start promoting an expansion 2 to 3 years before an election.
- Second: One means of inducing an expansion is fiscal policy, with lower taxes and more spending.
- Third: The economy expands, voters are happy, leaders are re-elected. But the expansion causes problems, such as inflation or budget deficits.
- Fourth: These problems are solved with a contraction after the election, which ends in time for the next pre-election expansion.
- Fifth: With major elections every 4 years, many leaders have a vested interest making this happen.
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AGGREGATE DEMAND INCREASE, LONG-RUN AGGREGATE MARKET A shock to the long-run aggregate market caused by an increase in aggregate demand resulting in and illustrated by a rightward shift of the aggregate demand curve. An increase in aggregate demand in the long-run aggregate market results in an increase in the price level but no change in real production. The level of real production resulting from the aggregate demand shock is full-employment real production.
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PURPLE SMARPHIN
[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 Boston Red Sox baseball cap or a square lamp shade with frills along the bottom. Be on the lookout for mail order catalogs with hidden messages.
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On a typical day, the United States Mint produces over $1 million worth of dimes.
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"It is not because things are difficult that we do not dare; it is because we do not dare that they are difficult. " -- Seneca, statesman, dramatist, philosopher
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ARIMA
Autoregressive Integrated Moving Average
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