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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 2: Economic Science | Unit 4: Science and Practice Page: 14 of 20

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

What theory inspired this hypothesis?
  • The suspicion might be informal, but that doesn't mean it lacks the basics of a theory:
  • World View:
    • Instructors are 'nice' people, who know and like students in the front of the class better-- and thus award them higher grades.
  • General Laws of Nature:
    • Less information reaches students seated in the back because of physical laws governing the diffusion of light and sound.
    • More motivated students, who study more and earn higher grades, are inclined to sit near the front of the class.

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NUMBER OF SELLERS, SUPPLY DETERMINANT

The number of sellers willing and able to sell a good, which is assumed constant when a supply curve is constructed. The number of sellers is one of five supply determinants that shift the supply curve when they change. The other four are resource prices, production technology, other prices, and sellers' expectations.

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APLS

WHITE GULLIBON
[What's This?]

Today, you are likely to spend a great deal of time browsing about a thrift store wanting to buy either a travel case for you toothbrush or a looseleaf notebook binder. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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This isn't me! What am I?

In the Middle Ages, pepper was used for bartering, and it was often more valuable and stable in value than gold.
"People of mediocre ability sometimes achieve outstanding success because they don't know when to quit. "

-- George Allen, U.S. senator

SSAP
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