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LAGGING ECONOMIC INDICATOR: One of seven economic statistics that tend to move up or down a few months after the expansions and contractions of the business cycle. These statistics paint a pretty clear picture of what the economy was doing a few months back. Lagging economic indicators lag the turning points of the aggregate economy by 3-12 months. After a contraction begins, lagging indicators decline 3 to 12 months later. And 3 to 12 months after a expansion begins, lagging indicators rise.
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Lesson 13: The Firm | Unit 4: U.S. Firms
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Page: 19 of 24
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- Let's see what these numbers can tell us about firms in the economy.
- The most striking bit of information is that the overwhelming majority of firms in the economy are proprietorships.
- These proprietorships, however, tend to be small operations. Proprietorships account for only 5% of the total sales.
- While corporations constitute only 20% of the firms in the economy, they account for a whopping 89% of total sales.
- When you encounter a firm, the odds are it's a proprietorship.
- Nothing particular remarkable can be noted about partnerships.
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ELASTIC The general relation between two variables in which relatively small changes in one variable (A) cause relatively large changes in another variable (B). Small changes in variable A cause relatively large changes in variable B or the percentage change in variable B is larger than the percentage change in variable A. This characterization of elasticity is most important for the price elasticity of demand and the price elasticity of supply. Elastic is one of two general elasticity relations between two variables. The other is inelastic.
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Parker Brothers, the folks who produce the Monopoly board game, prints more Monopoly money each year than real currency printed by the U.S. government.
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"Learn to enjoy every minute of your life. Be happy now. Don't wait for something outside of yourself to make you happy in the future. Think how really precious is the time you have to spend, whether it's at work or with your family. Every minuteshould be enjoyed and savored." -- Earl Nightingale
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WLLN
Weak Law of Large Numbers
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