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BUSINESS CYCLE PHASES: The recurring, but irregular, pattern of business cycles can be divided into two basic phases -- expansion and contraction. An expansion is a period of increasing economic activity and a contraction is a period of declining economic activity. These two phases are marked by two transitions. The transition from expansion to contraction is termed a peak and the transition from contraction to expansion is termed a trough. The early portion of an expansion is often referred to as a recovery.
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Lesson 5: Demand | Unit 1: Buying Basics
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Page: 4 of 20
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- Demand as the range of prices and quantities that buyers are willing and able to buy at different prices.
- Why buyers must be both willing and able to buy a good to have a demand. Willingness is based on tastes and preferences. Ability is based on income.
- Why demand includes a range of prices and quantities, not just a specific quantity.
- Why demand is analyzed during a given time period.
- Demand price as the maximum price that buyers would be willing and able to pay for a given quantity.
- Quantity demanded as the maximum quantity buyers would be willing and able to buy at a specific price.
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MARGINAL FACTOR COST CURVE A curve that graphically represents the relation between marginal factor cost incurred by a firm for hiring an input and the quantity of input employed. A profit-maximizing firm hires the quantity of input found at the intersection of the marginal factor cost curve and marginal revenue product curve. The marginal factor cost curve for a firm with no market control is horizontal. The marginal factor cost curve for a firm with market control is positively sloped and lies above the average factor cost curve.
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BLUE PLACIDOLA
[What's This?]
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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This isn't me! What am I?
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One of the largest markets for gold in the United States is the manufacturing of class rings.
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"When you play, play hard; when you work, don't play at all. " -- Theodore Roosevelt, 26th US president
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SAS
Statistical Analysis Software
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