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GREAT DEPRESSION: A period of time from 1929 to 1941 in which the economy experienced high rates of unemployment (averaging well over 10%), low production, and limited investment. This period of stagnation prompted radical changes in the way government viewed it's role in the economy and lead to our modern study of macroeconomics.
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SHORT-RUN PRODUCTION ANALYSIS An analysis of the production decision made by a firm in the short run, with the ultimate goal of explaining the law of supply and the upward-sloping supply curve. The central feature of this short-run production analysis is the law of diminishing marginal returns, which results in the short run when larger amounts of a variable input, like labor, are added to a fixed input, like capital. A contrasting analysis is long-run production analysis.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors wanting to buy either an ink cartridge for your printer or a rechargeable battery for your camera. Be on the lookout for malfunctioning pocket calculators.
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This isn't me! What am I?
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More money is spent on gardening than on any other hobby.
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"Never let the fear of striking out get in your way. " -- Babe Ruth, baseball player
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CME
Chicago Mercantile Exchange
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