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REAL: The value after adjusting for inflation. Pointy-headed economist are frequently interested in comparing stuff (production, income, or whatever) in one year with similar stuff in another year. However, in that inflation can distort such a comparison, it's best made using a fixed set of prices that eliminate inflationary changes. In practice, this is accomplished by using the prices in an arbitrary "base year." Once the price differences have been eliminated, the numbers are said to be measured in real dollars.
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IMPACT LAG The time lag that occurs between the implementation of a government policy designed to correct an economic problem and the complete impact of the policy. The impact lag is based on the multiplier process and can last up to a year or two or even longer. This "outside lag" is one of four policy lags associated with monetary and fiscal policy. The other three "inside lags" are recognition lag, decision lag, and implementation lag. All four policy lags can reduce the effectiveness of business-cycle stabilization policies and can even destabilize the economy.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time calling an endless list of 800 numbers hoping to buy either a country wreathe or galvanized steel storage shelves. Be on the lookout for small children selling products door-to-door.
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There were no banks in colonial America before the U.S. Revolutionary War. Anyone seeking a loan did so from another individual.
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"A professional is a man who can do his best at a time when he doesnžt particularly feel like it. " -- Alistair Cooke, broadcaster
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MSE
Minimum Efficient Scale
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