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POLITICAL BUSINESS CYCLE: The notion that a business cycle is caused by elected government leaders who manipulate the economy to achieve personal political goals -- that is, to remain in office. The leaders stimulate the economy leading up to an election, creating a business-cycle expansion that ensures (they hope) their re-election, then induce a business-cycle contraction after the election to correct problems created by pre-election stimulation.
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AVERAGE FACTOR COST CURVE A curve that graphically represents the relation between average factor cost incurred by a firm for employing an input and the quantity of input used. Because average factor cost is essentially the price of the input, the average factor cost curve is also the supply curve for the input. The average factor cost curve for a firm with no market control is horizontal. The average revenue curve for a firm with market control is positively sloped.
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The word "fiscal" is derived from a Latin word meaning "moneybag."
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"always remember an epitaph which is in the cemetery at Tombstone, Arizona. It says: „Here lies Jack Williams. He done his damnedest.¾ I think that is the greatest epitaph a man can have ‚ When he gives everything that is in him to do the job he has before him. That is all you can ask of him and that is what I have tried to do. " -- Harry Truman, 33rd US president
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CBA
Cost Benefit Analysis
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