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RECESSIONARY GAP: The difference between the equilibrium real production achieved in the short-run aggregate market and full-employment real production the occurs when short-run equilibrium real production is less than full-employment real production. A recessionary gap, also termed a contractionary gap, is associated with a business-cycle contraction. This is one of two alternative output gaps that can occur when short-run production differs from full employment. The other is an inflationary gap.
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PRODUCT DIFFERENTIATION Slight differences that exist between two or more goods that are essentially the same and which satisfy the same basic want or need. This is generally pursued in monopolistic competition and oligopoly by firms seeking to increase sales and profit. Many of the best known businesses in the economy practice product differentiation to gain an advantage on the competition and to acquire a bit of market control. For example, Coca-Cola and Pepsi-Cola are very similar, but each has a few differences in terms of taste, packaging, and esteem.
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Scraping Up The POLLUTIONOne of Shady Valley's featured factories is Mona Mallard's Duct Tape Industries. It's the world's leading producer of duct tape -- that shiny, seemingly omnipresent, cloth-like tape that's used for everything EXCEPT ventilation ducts. Mona Mallard's Duct Tape Industries also employs thousands of voting, taxpaying Shady Valley residents. The amount of campaign money, legal and otherwise, contributed by Mona Mallard herself to Shady Valley politicians is, well, incalculable. All of this means that our little pedestrian exploration through the backlot dumping ground of Mona Mallard's Duct Tape Industries main production plant puts us on very, VERY sensitive turf. The reason, of course, is that the duct tape plant has been discarding sticky, toxic, gooey junk onto the ground. This is a potentially hazardous situation, not only because this sticky, toxic, gooey junk appears to be leaking into the Shady Valley River, but because a Mona Mallard's Duct Tape Industries security guard is headed in our direction. Rather than confront this guard, I suggest we spend our time exploring the problems of pollution. RUN!
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time looking for a downtown retail store looking to buy either a coffee cup commemorating Thor Heyerdahl's Pacific crossing aboard the Kon-Tiki or a rechargeable battery for your cell phone. Be on the lookout for infected paper cuts.
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This isn't me! What am I?
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There were no banks in colonial America before the U.S. Revolutionary War. Anyone seeking a loan did so from another individual.
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"The vacuum created by failure to communicate will quickly be filled with rumor, misrepresentations, drivel and poison. " -- C. Northcote Parkinson, historian
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EBC
Electronic Business Communications
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