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TOTAL PRODUCT: The total quantity of output produced by a firm for a given quantity of inputs. Total product is the foundation upon which the analysis of short-run production for a firm is analyzed. The usual framework is to analyze total product when in a variable input (labor) changes, for a given amount of a fixed input (capital). Two related concepts derived from total product are average product and marginal product.
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Lesson 12: Business Cycles | Unit 2: A Simple Cycle
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Page: 7 of 26
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Contractions generally last about a year, but some have persisted for 1 1/2 years and some end after six months.- A contraction, also termed recession, is the decline of real GDP, from A to B.
- A contraction is officially designated as at least six months of declining economic activity.
- The 1930s Great Depression had two contractions, one lasting 43 months.
- A contraction takes the economy from above the long-run trend to below the long-run trend. The long-run trend is full-employment production.
- Below the long-run trend resources are not fully employed, unemployment increases.
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PRICE ELASTICITY OF SUPPLY The relative response of a change in quantity supplied to a change in price. More specifically the price elasticity of supply is the percentage change in quantity supplied due to a percentage change in price. This notion of elasticity captures the supply side of the market. A comparable elasticity on the demand side is the price elasticity of demand. Other notable supply elasticities are income elasticity of demand and cross elasticity of demand.
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GRAY SKITTERY
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Today, you are likely to spend a great deal of time flipping through mail order catalogs trying to buy either a coffee cup commemorating the moon landing or a how-to book on surfing the Internet. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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Before 1933, the U.S. dime was legal as payment only in transactions of $10 or less.
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"Sometimes when you innovate, you make mistakes. It is best to admit them quickly and get on with improving your other innovations. " -- Steve Jobs, Apple Computer founder
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