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October 3, 2023 

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AAUP: The abbreviation for American Association of University Professors, which is an association of university and college faculty established in 1915 to protect academic freedom. The AAUP is the closest thing university faculty have to a labor union. While it does engage in some collective bargaining functions with specific universities, similar to traditional labor unions, its primary function is to ensure that faculty maintain intellectual or academic freedom from political of social pressures.

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BUSINESS CYCLE: The recurring expansions and contractions of the national economy (usually measured by real gross domestic product). A complete cycle typically lasts from three to five years, but could last ten years or more. It is divided into four phases -- expansion, peak, contraction, and trough. Unemployment inevitably rises during contractions and inflation tends to worsen during expansions. To avoid the inflation and unemployment problems of business cycles, the federal government frequently undertakes various fiscal and monetary policies.

     See also | real gross domestic product | economy | full-employment production | resources | aggregate expenditures | contraction | recession | expansion | peak | trough | recovery | unemployment | inflation | fiscal policy | monetary policy | business cycle phases | circular flow | business cycle measurement | economic indicators |


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COMPETITION

In general, the actions of two or more rivals in pursuit of the same objective. In an economic context, the specific objective pursued is usually either selling goods to buyers or buying goods from sellers.

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Today, you are likely to spend a great deal of time touring the new suburban shopping complex looking to buy either clothing for your pet iguana or a set of hubcaps. Be on the lookout for high interest rates.
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In 1914, Ford paid workers who were age 22 or older $5 per day -- double the average wage offered by other car factories.
"Managing intellectual assets has become the single most important task of business. "

-- Thomas Stewart, author

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