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Millennials. Generation Z. Generation Alpha. v. t. e. Baby boomers, often shortened to boomers, are the demographic cohort preceded by the Silent Generation and followed by Generation X. The generation is often defined as people born from 1946 to 1964 during the mid-20th century baby boom. The dates, the demographic context, and the cultural ...
The economics term cost, also known as economic cost or opportunity cost, refers to the potential gain that is lost by foregoing one opportunity in order to take advantage of another. The lost potential gain is the cost of the opportunity that is accepted. Sometimes this cost is explicit: for example, if a firm pays $100 for a machine, its cost ...
The 1815 panic was followed by several years of mild depression, and then a major financial crisis – the Panic of 1819, which featured widespread foreclosures, bank failures, unemployment, a collapse in real estate prices, and a slump in agriculture and manufacturing. [ 9] 1822–1823 recession. 1822–1823. ~1 year.
Economics ( / ˌɛkəˈnɒmɪks, ˌiːkə -/) [ 1][ 2] is a social science that studies the production, distribution, and consumption of goods and services. [ 3][ 4] Economics focuses on the behaviour and interactions of economic agents and how economies work.
Federal funds rate vs unemployment rate. In the United States, the federal funds rate is the interest rate at which depository institutions (banks and credit unions) lend reserve balances to other depository institutions overnight on an uncollateralized basis. Reserve balances are amounts held at the Federal Reserve.
The economic concept dates back to Adam Smith and the idea of obtaining larger production returns through the use of division of labor. [2] Diseconomies of scale are the opposite. Economies of scale often have limits, such as passing the optimum design point where costs per additional unit begin to increase.
Economic data provide an empirical basis for economic research, whether descriptive or econometric. Data archives are also a key input for assessing the replicability of empirical findings [ 3] and for use in decision making as to economic policy . At the level of an economy, many data are organized and compiled according to the methodology of ...
An economic theory that defines wealth by the amount of precious metals owned. [56] 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. [57] The length of a business cycle is the period of time containing a single boom and contraction ...