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HIERARCHY OF NEEDS: Developed by Abraham Maslow, the notion that people are motivated to satisfy basic physiological needs (food, shelter, etc.) before moving on to satisfying higher psychological needs (security, companionship, etc.). These alternative needs are layered in a hierarchial pattern with physiological needs on the bottom, safety needs on the second layer, belonging needs on the third layer, esteem needs on the fourth layer, and self-actualization needs at the top. This hierarchy of needs has been used to help explain the progress of human societies from agrarian to manufacturing to service to information.
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RECESSION A phase of the business cycle characterized by a general period of declining economic activity. A recession is one of two basic business cycle phases. The other is expansion. The transition from recession to expansion is termed a trough and the transition from expansion to recession is termed a peak. The technical term for recession, which is generally used by economists and policy makers, is contraction.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time calling an endless list of 800 numbers hoping to buy either an AC adapter for your CD player or storage boxes for your family photos. Be on the lookout for defective microphones.
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This isn't me! What am I?
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Okun's Law posits that the unemployment rate increases by 1% for every 2% gap between real GDP and full-employment real GDP.
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"Don't judge each day by the harvest you reap but by the seeds that you plant. " -- Robert Louis Stephenson, writer
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CSE
Cincinnati Stock Exchange
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