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VON THUNEN MODEL: A model of land use develop by Johann von Thunen that illustrates the trade off between land values and the distance from a central point of attraction. While originally applied to agricultural land use, the von Thunen model is commonly used to explain urban land use patterns. Two primary conclusions from the model are (1) that land values decrease as distance from the central point of attraction increases and (2) that different land use activities are contained in concentric rings equal distance from the central point of attraction based on the weight (or transportation cost) of the activity.
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BANK PANIC An economy-wide problem in the financial sector and the banking industry that triggers an economy-wide business-cycle contraction or even depression. Bank panics were common throughout the 1800s and early 1900s, during which time they where the primary cause of business-cycle downturns. Bank panics usually involved bank runs that spread from bank to bank throughout the economy.
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The 22.6% decline in stock prices on October 19, 1987 was larger than the infamous 12.8% decline on October 29, 1929.
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"Look at the abundance all around you as you go about your daily business. You have as much right to this abundance as any other living creature. It's yours for the asking." -- Earl Nightingale
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ATC
Average Total Cost
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