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IMPACT LAG: In the context of economic policies, the time between corrective government action responding to a shock to the economy and the resulting affect on the economy. This is one of four lags in the use of economic policies. The others are recognition lag, decision lag, and action lag. The length of the impact lag, also termed outside lag, is primarily based on the speed of the multiplier process and is essentially the same for both fiscal and monetary policy. The length of the policy lags is one argument against the use of discretionary policies to stability business cycles.

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Lesson 17: Money | Unit 5: Scarcity Page: 23 of 25

Topic: Efficiency <=PAGE BACK | PAGE NEXT=>

Money is critical to the production, consumption, and exchange activities that take place in a complex economy.
  • We could not have a complex economy without money.
  • Money is so important because it makes our system more efficient.
  • With money we can use our limited resources to provide more satisfaction of our unlimited wants and needs.

Two reasons:

  • First: Money improves efficiency by reducing the amount of resources that would be needed for barter exchanges.
  • Second: Money improves efficiency by letting resources specialize in production.

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TAX MULTIPLIER

A measure of the change in aggregate production caused by changes in government taxes. The tax multiplier is the negative marginal propensity to consume times one minus the slope of the aggregate expenditures line. The simple tax multiplier includes ONLY induced consumption. More complex tax multipliers include other induced components. Two related multipliers are the expenditures multiplier, which measures the change in aggregate production caused by changes in an autonomous aggregate expenditure, and the balanced-budget multiplier which measures the change in aggregate production from equal changes in both taxes and government purchases.

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Today, you are likely to spend a great deal of time at a going out of business sale trying to buy either looseleaf notebook paper or a three-hole paper punch. Be on the lookout for pencil sharpeners with an attitude.
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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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