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LONG-RUN TREND: The general movement over time of particular measurement, especially one prone toward shorter term fluctuations. One of the most important long-run trends in the study of macroeconomics is for real GDP. The long-run trend of real GDP, which has historically increased about 3% a year, indicates the increase in the economy's production capabilities. Such capabilities have increased due to increases in the quantity and quality of resources.
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Lesson 10: Utility and Demand | Unit 5: Beyond Demand
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Page: 21 of 21
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In this unit, you should have learned about:- How the principles of consumer demand are important to many activities beyond standard economic activity.
- How elasticity, which is the responsiveness of quantity demanded to demand price, is related to utility.
- Why production and supply decisions are comparable to consumption and demand decisions.
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DEMAND-DRIVEN BUSINESS CYCLES Business-cycle instability caused by changes in one or more of the four aggregate demand expenditures on gross domestic production--consumption expenditures, investment expenditures, government purchases, and net exports. This is one of two basic types of business cycles--the other being supply-driven business cycles. Demand-driven business cycles tend to be the more common of the two types.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time driving to a factory outlet hoping to buy either a battery-powered, rechargeable vacuum cleaner or a remote controlled World War I bi-plane. Be on the lookout for mail order catalogs with hidden messages.
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The average length of a "business lunch" is about 36 minutes.
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"Nobody can be successful unless he loves his work. " -- David Sarnoff, TV pioneer
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MCP
Marginal Cost Pricing
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