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FEDERAL INSURANCE CONTRIBUTIONS ACT: Commonly abbreviated FICA, this act passed in 1939 established payroll deductions from wage-earning employees and the employers for the Social Security system. This is the noted Social Security tax that wage earners pay and which is then used to provide Social Security benefits to the elderly, disable, and qualified dependents.

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Lesson 12: Business Cycles | Unit 2: A Simple Cycle Page: 9 of 26

Topic: Expansion <=PAGE BACK | PAGE NEXT=>

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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SUPPLY BY A FIRM

The range of quantities of a factor that a firm is willing and able to sell at a range of factor prices. Supply by a firm is a phrase that is most relevant to the study of factor markets, especially when contrasted with supply to a firm. Supply by a firm puts the firm on the selling side of the factor market. Supply to a firm puts the firm on the buying side of the factor market.

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BEIGE MUNDORTLE
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Today, you are likely to spend a great deal of time browsing through a long list of dot com websites looking to buy either a set of steel-belted radial snow tires or a wall poster commemorating the 2000 Presidential election. Be on the lookout for crowded shopping malls.
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The penny is the only coin minted by the U.S. government in which the "face" on the head looks to the right. All others face left.
"Man is born to live, not to prepare for life. "

-- Boris Pasternak, writer

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