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BUSINESS CYCLE MEASUREMENT: Three of the most noted and often used measures of business cycle activity are real gross domestic product (especially the growth rate), unemployment rate, and inflation rate. Another group of measures fall under the broad heading of economic indicators and include leading economic indicators, coincident economic indicators, and lagging economic indicators. Real sophisticated economic types also follow measures such as changes in business inventories, Producer Price Index, M2 money supply, durable goods order, and others.

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CUSTOMS UNION: An agreement among two or more nations to eliminate trade restrictions with each other and to adopt a common trade policy with other nations. There is, however, no effort to allow free movement of resources among the countries nor to adopt common monetary or fiscal policies. This is considered the second of four levels of integration among nations. See common market, economic union, free-trade area for the other three levels.

     See also | foreign trade | monetary policy | fiscal policy | common market | economic union | free-trade area | trading bloc |


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TOTAL VARIABLE COST CURVE

A curve that graphically represents the relation between total variable cost incurred by a firm in the short-run production of a good or service and the quantity produced. When constructing this curve, it is assumed that total variable cost changes as a result of changes in the quantity of output produced, while other variables like technology and resource prices are held fixed. The total variable cost curve is one of three total cost curves, the other two are total cost curve and total fixed cost curve.

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Today, you are likely to spend a great deal of time touring the new suburban shopping complex hoping to buy either a battery-powered, rechargeable vacuum cleaner or a remote controlled World War I bi-plane. Be on the lookout for telephone calls from former employers.
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The word "fiscal" is derived from a Latin word meaning "moneybag."
"There is no passion to be found playing small ‚ in settling for a life that idles than the one you are capable of living."

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