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ACTION LAG: In the context of economic policies, a part of the implementation lag involving the time it takes for appropriate policies to be launched once they have been agreed to by policy makers. Another part of the implementation lag is the decision lag. For fiscal policy, this involves appropriating funds to government agencies (for government spending) or changing the tax code (for taxes) For monetary policy, this involves the buying and selling government securities in the open market. The action lag is usually shorter for monetary policy than fiscal policy.
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Lesson 11: Circular Flow | Unit 1: Basic Flow
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Page: 2 of 22
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The four basic macroeconomics sectors:- Household sector: This includes everyone, all people, seeking to satisfy unlimited wants and needs. This sector is responsible for consumption.
- Business sector: This includes those undertaking the task of combining resources to produce goods and services. This sector is responsible for the production.
- Government sector: This includes the ruling bodies of the federal, state, and local governments. Regulation is the prime function, especially to pass laws, collect taxes, and force other economic sectors to do things that they wouldn't do voluntary.
- Foreign sector: Includes everyone and everything beyond the boundaries of the domestic economy.
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DERIVATION, CONSUMPTION LINE A consumption line, a graphical depiction of the relation between household sector consumption and income, can be derived from a simple consumption schedule, a table or chart showing the relation between household sector consumption and income. This is easily accomplished by plotting the consumption-income pairs from the schedule as points in a diagram that measures consumption on the vertical axis and income on the horizontal axis, then connection the points with a line. The consumption line can also be derived directly by plotting the consumption function using slope and intercept values.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time touring the new suburban shopping complex trying to buy either a velvet painting of Elvis Presley or a wall poster commemorating yesterday. Be on the lookout for poorly written technical manuals.
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The word "fiscal" is derived from a Latin word meaning "moneybag."
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"It's usually the last ounce of effort that tips the scales of success." -- Rick Beneteau
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BQ
Basic Qoute
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