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INCREASING-COST INDUSTRY: A perfectly competitive industry with a positively-sloped long-run industry supply curve that results because expansion of the industry causes higher production cost and resource prices. For an increasing-cost industry the entry of new firms, prompted by an increase in demand, causes the long-run average supply curve of each firm to shift upward, which increases the minimum efficient scale of production.
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EXPANSION A phase of the business cycle characterized by a general period of rising economic activity. An expansion is one of two basic business cycle phases. The other is contraction. The transition from expansion to contraction is termed a peak and the transition from contraction to expansion is termed a trough. The early phase of an expansion is commonly termed a recovery.
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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time at a flea market trying to buy either a brown leather attache case or car battery jumper cables. Be on the lookout for strangers with large satchels of used undergarments.
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Paper money used by the Commonwealth of Massachusetts prior to the U.S. Revolutionary War, which was issued against the dictates of Britain, was designed by patriot and silversmith, Paul Revere.
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"I much prefer the sharpest criticism of a single intelligent man to the thoughtless approval of the masses." -- Johannes Kepler, German Astronomer
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WFTU
World Federation of Trade Unions
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