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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.
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CHANGE IN AGGREGATE DEMAND A shift of the aggregate demand curve caused by a change in one of the aggregate demand determinants. A change in aggregate demand is caused by any factor affecting aggregate demand EXCEPT the price level. This is one of two changes related to aggregate demand. The other is a change in aggregate expenditures. A change in aggregate demand is comparable to a change in market demand.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time watching the shopping channel hoping to buy either semi-gloss photo paper that works with your neighbor's printer or a birthday gift for your father that doesn't look like every other birthday gift for your father. Be on the lookout for the happiest person in the room.
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Three-forths of the gold mined each year is used to manufacture jewelry.
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"There are no shortcuts to any place worth going. " -- Beverly Sills, Opera singer
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NEDC
National Economic Development Council
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