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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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MARGINAL UTILITY CURVE

A curve illustrating the relation between the marginal utility obtained from consuming an additional unit of good and the quantity of the good consumed. The negative slope of the marginal utility curve reflects the law of diminishing marginal utility. The marginal utility curve also can be used to derived the demand curve.

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BEIGE MUNDORTLE
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Today, you are likely to spend a great deal of time wandering around the shopping mall seeking to buy either a three-hole paper punch or decorative picture frames. Be on the lookout for door-to-door salesmen.
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Three-forths of the gold mined each year is used to manufacture jewelry.
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Autoregressive Conditional Heteroskedasticity
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