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SERVICE: An activity that provides direct satisfaction of wants and needs without the production of a tangible product or good. Examples include information, entertainment, and education. This term service should be contrasted with the term good, which involves the satisfaction of wants and needs with tangible items. You're likely to see the plural combination of these two into a single phrase, "goods and services," to indicate the wide assortment of economic production from the economy's scarce resources.

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Lesson 9: Macro Basics | Unit 3: Business Cycles Page: 9 of 16

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

To understand business cycles, we need the causes:
  1. Consumption: If households decide to buy more or less, the rest of the economy follows suit.
  2. Capital Investment: Big swings can set in motion upward or downward spirals of total production.
  3. Government Purchases and Taxes: Government purchases can be contractionary or expansionary effect over the economy. Taxes affect the ability of the household and business sectors to buy production.
  4. Net Exports: Changes in exports can trigger expansions and contractions of the domestic economy.
  5. Circulating Money: Too much money can trigger and inflationary expansion, too little money can trigger contraction and unemployment.
  6. Resource Supply Considerations: Resource supply changes (energy prices, technology, wages, etc.) can trigger expansions and contractions.

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OTHER PRICES, SUPPLY DETERMINANT

The prices of other goods that influence the decision to sell a particular good, which are assumed constant when a supply curve is constructed. Other prices can be for goods that are either substitutes-in-production or complements-in-production. This is one of five supply determinants that shift the supply curve when they change. The other four are resource prices, production technology, sellers' expectations, and number of sellers.

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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 wanting to buy either a birthday greeting card for your father or a T-shirt commemorating the first day of spring. Be on the lookout for vindictive digital clocks with revenge on their minds.
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The first paper notes printed in the United States were in denominations of 1 cent, 5 cents, 25 cents, and 50 cents.
"When you play, play hard; when you work, don't play at all. "

-- Theodore Roosevelt, 26th US president

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