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Lesson 1: Economic Basics | Unit 5: Policies Page: 14 of 18

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Because markets are imperfect, government is prompted to intervene with economic policies.
  • Economic policies are government actions designed to affect economic activity and pursue one or more economic goals.
Policies can take the form of:
  • Laws passed by legislatures.
  • Administrative actions taken by elected executives.
  • Rules set forth by government agencies.
  • Decisions made through the courts.
The government has four types of policies.
  • Fiscal policy: Based on government's power to collect taxes from the public and spend those funds as it chooses. Used for income redistribution and macroeconomic performance.
  • Monetary policy: Based on government's centralized control of the money supply. Used for macroeconomic performance.
  • Regulatory policy: Based on government's ability to enact laws, rules and restrictions. Used for efficiency and equity
  • Judicial policy: Based on government's ability to enforce laws through the courts. Used for efficiency and equity

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AGGREGATE MARKET SHOCKS

Disruptions of the equilibrium in the aggregate market (or AS-AD model) caused by shifts of the aggregate demand, short-run aggregate supply, or long-run aggregate supply curves. Shocks of the aggregate market are associated with, and thus used to analyze, assorted macroeconomic phenomena such as business cycles, unemployment, inflation, stabilization policies, and economic growth. The specific analysis of aggregate market shocks identifies changes in the price level (GDP price deflator) and real production (real GDP). Changes in the price level and real production have direct implications for the unemployment rate, the inflation rate, national income, and a host of other macroeconomic measures.

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Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius trying to buy either storage boxes for your computer software CDs or a set of tires. Be on the lookout for jovial bank tellers.
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Post WWI induced hyperinflation in German in the early 1900s raised prices by 726 million times from 1918 to 1923.
"It is very rare that you meet with obstacles in this world (that) the humblest man has not the faculties to surmount. "

-- Henry David Thoreau, philosopher

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