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TOTAL FACTOR COST CURVE, PERFECT COMPETITION: A curve that graphically represents the relation between total factor cost incurred by a perfectly competitive firm when using a given factor of production to produce a good or service. The total factor cost curve is most important in factor market analysis for the derivation of the marginal factor cost curve.

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Lesson 16: Aggregate Shocks | Unit 1: Instability Page: 2 of 21

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

Our goal is to explain business cycle fluctuations.
  • The real GDP path the economy would take with long-run equilibrium--at full employment--is the straight, green upward-sloping line.
  • The actual real GDP path, the jagged red line, tends to be less smooth.
  • The business cycle is the movement above and below the long-run trend.
  • When the actual is below the long-run equilibrium line, we get unemployment.
  • When the actual is above the long-run equilibrium line, we get inflation.
  • Ceteris paribus factors are what create fluctuations away from the long-run trend.
  • Aggregate demand determinants are the main cause.

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PARTNERSHIP

A business that is owned and operated by two or more people. The owners and the business are legally considered one and the same. As such, the owners receive any and all profit, incur any and all loss, and are responsible for any and all debts including those made by a partner. This creates what is termed unlimited liability. In that each partner is responsible for the actions of the others, partnerships tend to be relatively small, with only a handful of people involved. A partnership is one of the three basic forms of business organization. The other two are proprietorship and corporation. This form of business is common for professional-types, like lawyers, accountants, dentists, and physicians.

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Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors wanting to buy either yellow cotton balls or a set of steel-belted radial snow tires. Be on the lookout for the happiest person in the room.
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Only 1% of the U.S. population paid income taxes when the income tax was established in 1914.
"When you play, play hard; when you work, don't play at all. "

-- Theodore Roosevelt, 26th US president

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