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BUSINESS CYCLE INDICATORS: Assorted economic statistics that provide valuable information about the expansions and contractions of business cycles. These statistics are grouped into three sets--lagging, coincident, and leading. Leading economic indicators tend to move up or down a few months BEFORE business-cycle expansions and contractions. Coincident economic indicators tend to reach their peaks and troughs AT THE SAME TIME as business cycles. Lagging economic indicators tend to rise or fall a few months AFTER business-cycle expansions and contractions.
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Lesson 14: Production | Unit 1: Short-Run Production
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Page: 3 of 25
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Topic:
Two Runs: Short And Long
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- The two key time production periods.
- The short run is a production time period in which at least one input is variable and at least one input is fixed.
- The key is that firms produce and supply output on a day-to-day basis by adding variable inputs to fixed inputs.
- The long run is a production time period in which all inputs are variable.
- The long run is a period long enough to alter the quantities of ALL inputs, especially changing the amount of capital or the size of a factory.
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PERFECT COMPETITION, MARGINAL ANALYSIS A perfectly competitive firm produces the profit-maximizing quantity of output that equates marginal revenue and marginal cost. This marginal approach is one of three methods that used to determine the profit-maximizing quantity of output. The other two methods involve the direct analysis of economic profit or a comparison of total revenue and total cost.
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time touring the new suburban shopping complex hoping to buy either a lazy Susan for you dining room table or a set of serrated steak knives, with durable plastic handles. Be on the lookout for rusty deck screws.
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Okun's Law posits that the unemployment rate increases by 1% for every 2% gap between real GDP and full-employment real GDP.
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"Sometimes when you innovate, you make mistakes. It is best to admit them quickly and get on with improving your other innovations. " -- Steve Jobs, Apple Computer founder
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AEA
American Economic Association
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