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KITCHIN CYCLE: A cycle of economic activity lasting between 3 and 5 years that acquired the name of the first economist to study it, Joseph Kitchin. The Kitchin cycle is attributed to investment in inventories (especially for consumer goods). It is the one that is commonly at work when people are concerned with business-cycle contractions. This is also one of four separate cycles of macroeconomic activity that have been documented or hypothesized. The other three are Juglar cycle, Kuznets cycle, and Kondratieff cycle.
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DEMAND ELASTICITY AND TOTAL EXPENDITURE The notion that price-induced changes in total expenditure (price times quantity) depend on the relative price elasticity of demand. If demand is relatively elastic, then changes in price cause total expenditure to change in the opposite direction. If demand is relatively inelastic, then changes in price cause total expenditure to change in the same direction. If demand is unit elastic, then changes in price do not cause any change in total expenditure.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time at a crowded estate auction looking to buy either a small, foam rubber football or an instructional DVD on learning to the play the oboe. Be on the lookout for a thesaurus filled with typos.
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The average length of a "business lunch" is about 36 minutes.
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"In the business world, everyone is paid in two coins: cash and experience. Take the experience first; the cash will come later. " -- Harold S. Green, MCI founder
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IIP
Index of Industrial Production
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