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A curve connecting the tangency points is called the expansion path because it shows how the input usages expand as the chosen level of output expands. In economics , an expansion path (also called a scale line [ 1 ] ) is a path connecting optimal input combinations as the scale of production expands. [ 2 ]
Sometimes the term business life cycle is used interchangeably with the organizational life cycle, while the two are different. The organizational life cycle is a more inclusive term for all kinds of organizations which includes even government organizations, but the business life cycle refers more specifically only to for-profit companies.
An isoquant (derived from quantity and the Greek word isos, ίσος, meaning "equal"), in microeconomics, is a contour line drawn through the set of points at which the same quantity of output is produced while changing the quantities of two or more inputs.
An expansion is the period from a trough to a peak and a recession as the period from a peak to a trough. The NBER identifies a recession as "a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production".
The line connecting all points of tangency between the indifference curve and the budget constraint as the budget constraint changes is called the expansion path, [11] and correlates to shifts in demand. The line connecting all points of tangency between the indifference curve and budget constraint as the price of either good changes is the ...
Economic expansion and contraction refer to the overall output of all goods and services, while the terms "inflation" and "deflation" refer to rising and falling prices of commodities, goods and services in relation to the value of money. [4] From a microeconomic standpoint, expansion usually means enlarging the scale of a single company or ...
In economics and particularly in consumer choice theory, the income-consumption curve (also called income expansion path and income offer curve) is a curve in a graph in which the quantities of two goods are plotted on the two axes; the curve is the locus of points showing the consumption bundles chosen at each of various levels of income.
He distinguished between the temporary or market period (with output fixed), the short period, and the long period. "Classic" contemporary graphical and formal treatments include those of Jacob Viner (1931), [15] John Hicks (1939), [16] and Paul Samuelson (1947). [17] [18] The law is related to a positive slope of the short-run marginal-cost ...