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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 4: Production Possibilities | Unit 2: The Schedule
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Page: 5 of 24
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This is a simple, hypothetical production possibilities schedule for the economy.- The economy is using all resources with given technology to efficiently produce two goods, jogging shoes and quartz clock calibrators.
- Bundles A through K represent production alternatives for the economy, such as bundle D with 3 calibrators and 425 pairs of shoes. We have unlimited possibilities using available resources and technology to the fullest extent.
- All shoes, no calibrators, bundle A.
- All calibrators, no shoes, bundle K.
- Some of each good, bundles E or J.
- How about 9 calibrators and 410 pairs of shoes? No! Each bundle is the maximum we can produce.
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MIDPOINT ELASTICITY FORMULA A simple technique for calculating the coefficient of elasticity by estimating the average elasticity for discrete changes in two variables. The distinguishing characteristic of this formula is that percentage changes are calculated based on the average of the initial and ending values of each variable, rather than initial values. An alternative technique is the endpoint elasticity formula.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time strolling through a department store looking to buy either a coffee cup commemorating the first day of winter or a video game player. Be on the lookout for neighborhood pets, especially belligerent parrots.
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This isn't me! What am I?
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The Dow Jones family of stock market price indexes began with a simple average of 11 stock prices in 1884.
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"The past is a foreign country; they do things differently there." -- Leslie Poles Hartley, Writer
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ISIC
International Standard Industrial Classification
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