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BUSINESS CYCLES: 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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PRODUCER SURPLUS The revenue that producers obtain from a good over and above the price paid. This is the difference between the minimum supply price that sellers are willing to accept and the price that they actually receive. A related notion from the demand side of the market is consumer surplus.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time at a crowded estate auction wanting to buy either a pair of red and purple designer socks or a T-shirt commemorating Thor Heyerdahl's Pacific crossing aboard the Kon-Tiki. Be on the lookout for malfunctioning pocket calculators.
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This isn't me! What am I?
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A thousand years before metal coins were developed, clay tablet "checks" were used as money by the Babylonians.
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"Concentrate all your thoughts upon the work at hand. The sun's rays do not burn until brought to a focus." -- Alexander Graham Bell, inventor
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EFTA
European Free Trade Association
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