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ADVERSE SELECTION: When a negotiation between two people with different amounts of information, that is, asymmetric information, restricts the quality of the good traded. This typically happens because the person with more information is able to negotiate a favorable exchange. This is frequently referred to as the "market for lemons."
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Lesson 12: Business Cycles | Unit 2: A Simple Cycle
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An expansion is a period of increasing aggregate economic activity, indicated by the growth of real GDP from B to C.- Expansions typically last about 2-4 years, but can continue up to a decade.
- The economy generally grows faster than, often surpassing, the long-run trend.
- A recovery is the early part of an expansion.
- As the economy approaches point C, above the long-run trend, inflation is most likely to become a problem, as we try to buy more output than our resources can produce.
- At or above the full-employment, long-run trend line, unemployment is less of a problem.
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LABOR FORCE The total number of people in an economy, society, or country willing and able to exert mental and/or physical efforts in productive activities. The labor force is a more technical term for the labor resource or labor supply. It includes both employed workers and unemployed workers. An official variation of this term is civilian labor force. While labor force may or may not include military personnel, the civilian labor force explicitly excludes the military. Labor and labor resources are the theoretical terms that economists like to banter about. Labor force and civilian labor force are the terms of choice for government policy makers, data-crunchers, and others who need precise labor resource numbers.
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Approximately three-fourths of the U.S. paper currency in circular contains traces of cocaine.
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"Plans are only good intentions unless they immediately degenerate into hard work." -- Peter Drucker, management consultant
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ARMA
Autoregressive Moving Average
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