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RECESSION: The common term used for the contraction phase of the business cycle. A general period of declining economic activity. During a recession, real gross domestic product declines by 10 percent or so and the unemployment rate rises from it's full employment 5 percent level up to the 6 to 10 percent range. Inflation tends to be low or non-existent during a recession. Recession last anywhere from six to eighteen months, with one year being common.
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NEAR-PUBLIC GOODS Goods characterized by nonrival consumption and the ability to exclude nonpayers. Near-public goods are one of four types of goods differentiated by consumption rivalry and nonpayer excludability. The other three goods are near-public (rival consumption and nonpayers can be excluded), public (nonrival consumption and nonpayers cannot be excluded), and common-property (rival consumption and nonpayers cannot be excluded). The ease of excluding of nonpayers means near-public goods can be exchanged through markets, but nonrival consumption means efficiency can only be achieved with government intervention.
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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 looking to buy either a handcrafted bird feeder or a New York Yankees baseball cap. Be on the lookout for slightly overweight pizza delivery guys.
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More money is spent on gardening than on any other hobby.
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"When you play, play hard; when you work, don't play at all. " -- Theodore Roosevelt, 26th US president
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BAE
Bureau of Agricultural Economics
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