|
|
WILLINGNESS TO PAY: The price or dollar amount that someone is willing to give up or pay to acquire a good or service. Willingness to pay is the source of the demand price of a good. However, unlike demand price, in which buyers are on the spot of actually giving up the payment, willingness to pay does not require an actual payment. This concept is important to benefit-cost analysis, welfare economics, and efficiency criteria, especially Kaldor-Hicks efficiency. A related concept is willingness to accept.
Visit the GLOSS*arama
|
|
|
|
|
Lesson 9: Macro Basics | Unit 3: Business Cycles
|
Page: 8 of 16
|
|
The macroeconomy is unstable. It has periods of falling production, rising inflation, and/or high unemployment. Business cycles are recurring expansions and contractions of the aggregate economy. - Expansion is a general period of increasing economic activity, or rising production, which is associated with low or falling unemployment and high or rising inflation.
- Contraction is a general period of decreasing economic activity, or falling production, which is associated with high or rising unemployment and low or falling inflation.
Counter-cyclical policies to stabilize the business cycle:- During an expansion, try to cause a contraction.
- During a contraction, try to cause an expansion.
|
|
|
|
|
|
|
AVERAGE REVENUE CURVE, MONOPOLY A curve that graphically represents the relation between average revenue received by a monopoly for selling its output and the quantity of output sold. Because average revenue is essentially the price of a good, the average revenue curve is also the demand curve for a monopoly's output.
Complete Entry | Visit the WEB*pedia |
|
|
BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time calling an endless list of 800 numbers hoping to buy either a replacement remote control for your stereo system or a computer that can play video games and burn DVDs. Be on the lookout for jovial bank tellers.
Your Complete Scope
This isn't me! What am I?
|
|
|
The 22.6% decline in stock prices on October 19, 1987 was larger than the infamous 12.8% decline on October 29, 1929.
|
|
|
"Act well at the moment, and you have performed a good action for all eternity." -- Johann Kaspar Lavater
|
|
NYCE
New York Cotton Exchange
|
|
|
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.
User Feedback
|
|
