March 21, 2018 

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IMPLEMENTATION LAG: In the context of economic policies, the time between the realization that a shock to the economy has occurred and corrective government action responding to the shock. This is one of several policy lags that limit the effectiveness of stabilization policies designed to correct business-cycle fluctuations. This is also one of two inside lags. The other is a recognition lag. The implementation lag, which is often divided into decision and action lags, emerges due to the time it takes for government leaders to debate, discuss, and decide on the appropriate policy then get the appropriate government agencies to launch the policy. The implementation lag is usually shorter for monetary policy than fiscal policy.

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Lesson Contents
Unit 1: Background
  • Doing Supply
  • Factor Payments
  • Factors of Production
  • Factor Markets
  • Circular Flow
  • Unit 1 Summary
  • Unit 2: Resources
  • Alike But Different
  • Labor: Satisfaction And Leisure
  • Capital: Financial And Physical
  • Land: Space And Materials
  • Entrepreneurship: Risk
  • Unit 2 Summary
  • Unit 3: Factor Supply
  • Supply Times Three
  • Market Control Times Four
  • Factor Cost Times Three
  • Supply Curves Times Two
  • Unit 3 Summary
  • Unit 4: Determinants
  • The Old Standards
  • Mobility
  • Geographic Mobility
  • Occupational Mobility
  • Unit 4 Summary
  • Unit 5: Taking Stock
  • Review
  • Preview
  • Unit 5 Summary
  • Course Home
    Factor Supply

    • The first unit of this lesson, Background, begins by laying the foundation for factor markets and factor supply.
    • In the second unit, Resources, we examine specific supply considerations for the alternative factors of production.
    • The third unit, Cost And Supply, then takes a look at the three key factor cost concepts -- total, average, and marginal.
    • In the fourth unit, Determinants, we examine the key determinants that shift the factor supply curve, especially mobility.
    • The fifth and final unit, Taking Stock, then closes this lesson with a review of factor supply and a preview of factor market analysis to come.

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    A group of firms producing goods or services that are close substitutes-in-consumption. The similarity of the products makes it possible to analyze the production in a market framework. An industry can be broadly defined, such as the manufacturing industry, or narrowly specified, such as the root beer industry. For most economic analysis the term industry is used interchangeably with the term market.

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