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R. Quentin Grafton, Harry W. Nelson, N. Ross Lambie and Paul R. Wyrwoll

See hydrological cycle .

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R. Quentin Grafton, Harry W. Nelson, N. Ross Lambie and Paul R. Wyrwoll

A cycle in which minerals and nutrients are transported via soils, water, air and organisms.

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R. Quentin Grafton, Harry W. Nelson, N. Ross Lambie and Paul R. Wyrwoll

The biological cycling of oxygen through the atmosphere and the biosphere. The primary mechanisms of the cycle take place through the uptake and release of oxygen through green plants.

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R. Quentin Grafton, Harry W. Nelson, N. Ross Lambie and Paul R. Wyrwoll

A naturally occurring pattern of changing climate resulting from the complex dynamics inherent to the Earth’s climate system. Such cycles can occur over vastly different time frames, from seasonal variations up to millions of years. Many different cycles have been observed from the paleoclimate record, and each of these may reinforce or weaken the effects of others. Examples include: Milankovitch cycles, the North Atlantic Oscillation and the El Niño Southern Oscillation. FURTHER READING Ruddiman ( 2007 ).

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R. Quentin Grafton, Harry W. Nelson, N. Ross Lambie and Paul R. Wyrwoll

The physical processes by which water is recycled, whereby precipitation on land is followed by infiltration of water tables and run-off, transpiration from plants, and evaporation to complete the cycle. At sea, precipitation is followed by evaporation.

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Amie Southcombe

Kolb’s ( 1984 ) definition of the experiential learning cycle is the process whereby knowledge is created through the transformation of experience. The experiential learning cycle is holistic and includes affective, perceptual, behavioural and cognitive strategies. The learning cycle also emphasizes the central role that experience plays in the learning process, an emphasis that distinguishes the experiential learning from cognitive learning. Kolb’s model of experiential learning has been widely used as a basis for helping individuals identify the kinds of

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George Norman and Darlene C. Chisholm

The outcome of price competition in which the competing firms make alternate moves in setting their prices. Prices fall until they approach marginal costs , after which there is a war of attrition as each firm waits for its rival to increase its price. When one firm eventually raises price the other firms quickly follow, but then the cycle starts again.

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Peter Skott

38 Business cycles Nevertheless, as Godley persuasively argues, a budget deficit is still indispensable for long-run growth. He utilizes a single variable termed ‘the fiscal stance’, which is given by dividing the total flow of government expenditure by the average tax rate. Godley prefers this variable to the budget deficit, which ‘measured ex-post facto is a bad measure of the impact of fiscal policy because it notoriously fails to distinguish the effect of the budget on the economy from the effect of the economy on the budget’ (Godley and McCarthy 1998, p. 40

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Peter Skott

The time path of aggregate output and its main components exhibits significant fluctuations around trend values, as do other important variables, including employment, productivity, prices, wages, interest rates and stock prices. These fluctuations are recurrent but not regular. The pattern of co-movements between the different variables, the amplitudes of the fluctuations and the length of the cycle vary over time. In fact, the delineation of cycle from trend raises many problems, and cycles of different length may coexist in the data; short-run fluctuations

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David Reisman

19492_Schumpeter/13 24/10/03 2:53 PM Page 1 13. The cycle A number of economists in the 1920s and 1930s were seeking to explain the fluctuations that were as troubling as the trend was good. These included Spiethoff, Pigou, Myrdal, Ohlin, Cassel, Robertson, the ubiquitous Hayek and Mises, Wesley Clair Mitchell, building on earlier authors like Marx, Jevons, Marshall, Bagehot and Tugan-Baranowsky. Economic statistics were becoming available, allowing investigators to support their analyses with facts. The downturn after the post-war restocking boom, closely