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DEPRESSION: An extended period--a decade or so--of restructuring and institutional change in an economy that's often marked by declining or stagnant growth. During this period, unemployment tends to be higher and inflation lower than a regular, run-of-the-mill recession. Moreover, a depression usually lasts in the range of ten years, often encompassing two or three separate shorter-run business cycles. The most noted depression in the U. S. economy was the Great Depression of the 1930s.
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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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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time touring the new suburban shopping complex trying to buy either a flower arrangement for that special day for your mother or a New York Yankees baseball cap. Be on the lookout for infected paper cuts.
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The first U.S. fire insurance company was established by Benjamin Franklin in 1752 in Philadelphia.
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"Life is a promise; fulfill it. " -- Mother Teresa, humanitarian
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CPI-W
Consumer Price Index-Urban Wage Earners and Clerical Workers
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