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Economists commonly use the term recession to mean either a period of two successive calendar quarters each having negative growth [clarification needed] of real gross domestic product [1] [2] [3] —that is, of the total amount of goods and services produced within a country—or that provided by the National Bureau of Economic Research (NBER): "...a significant decline in economic activity ...
An economic theory that defines wealth by the amount of precious metals owned. [48] business cycle. Also called the economic cycle or trade cycle. The downward and upward movement of gross domestic product (GDP) around its long-term growth trend. [49] The length of a business cycle is the period of time containing a single boom and contraction ...
The term economics was originally known as "political economy". This term evolved from the French Mercantilist usage of économie politique , which expanded the notion of economy from the ancient Greek concept of household management to the national level, as the public administration of state affairs.
Price points A, B, and C, along a demand curve (where P is price and Q represents demand). In economics, a price point is a point along the demand curve at which demand for a given product is supposed to stay relatively high.
"The Hucklebuck" (sometimes written "The Huckle-Buck") is a jazz and R&B dance tune first popularized by Paul Williams and His Hucklebuckers in 1949. The composition of the tune was credited to Andy Gibson , and lyrics were later added by Roy Alfred .
Paul "Hucklebuck" Williams (July 13, 1915 – September 14, 2002) was an American jazz and blues saxophonist, bandleader, and songwriter. His record " The Huckle-Buck ", recorded in December 1948, was one of the most successful R&B records of the time.
In economics, a sunspot equilibrium is an economic equilibrium where the market outcome or allocation of resources varies in a way unrelated to economic fundamentals. In other words, the outcome depends on an "extrinsic" random variable , meaning a random influence that matters only because people think it matters.
Mesoeconomics or Mezzoeconomics is a neologism used to describe the study of economic arrangements which are not based either on the microeconomics of buying and selling and supply and demand, nor on the macroeconomic reasoning of aggregate totals of demand, but on the importance of the structures under which these forces play out, and how to measure these effects.