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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 15: Aggregate Market | Unit 3: Doing Curves Page: 15 of 22

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  • The long-run equilibrium of the aggregate market achieved at the intersection of the aggregate demand and long-run aggregate supply curves.
  • What happens when the price level is above or below the long-run equilibrium price level.
  • The short-run equilibrium of the aggregate market achieved at the intersection of the aggregate demand and short-run aggregate supply curves.

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AVERAGE PRODUCT CURVE

A curve that graphically illustrates the relation between average product and the quantity of the variable input, holding all other inputs fixed. This curve indicates the per unit output at each level of the variable input. The average product curve is one of three related curves used in the analysis of the short-run production of a firm. The other two are total product curve and marginal product curve.

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PURPLE SMARPHIN
[What's This?]

Today, you are likely to spend a great deal of time browsing through a long list of dot com websites trying to buy either a birthday gift for your grandmother or a T-shirt commemorating yesterday. Be on the lookout for defective microphones.
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A lump of pure gold the size of a matchbox can be flattened into a sheet the size of a tennis court!
"Do what you feel in your heart to be right for you'll be criticized anyway. You'll be damned if you do and damned if you don't. "

-- Eleanor Roosevelt, first lady

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Statistical Product and Service Solutions, Statistical Package for the Social Sciences (software)
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