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PERSONAL TAX AND NONTAX PAYMENTS: The official item in the National Income and Product Accounts maintained by the Bureau of Economic Analysis measuring personal income taxes paid to the government sector on personal income received by the household sector. Personal tax and nontax payments are subtracted from personal income (PI) to calculate disposable income (DI). Personal tax and nontax payments are about 15% of personal income and about 13% of gross domestic product.

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Lesson 6: Supply | Unit 2: Law of Supply Page: 6 of 19

Topic: Production Cost <=PAGE BACK | PAGE NEXT=>

An important question is: Why does the law of supply work?
  • The answer rests with production cost. In particular, the law of supply exists because of the law of increasing opportunity cost.
  • As we saw with production possibilities analysis, by increasing the production of a good, the opportunity cost of production increases.
  • Production cost increases as we increase production. To supply a larger quantity, producers need to cover these higher production costs with a higher price.

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IMPLEMENTATION LAG

The time lag that occurs after a government policy designed to correct an economic problem has been selected and the actual execution of the policy. The implementation lag is based the time it takes for government agencies, which can be slow and methodical, to carry out the designated policy. This "inside lag" is one of four policy lags associated with monetary and fiscal policy. The other two "inside lags" are recognition lag and decision lag, and one "outside lag" is implementation lag. All four policy lags can reduce the effectiveness of business-cycle stabilization policies and can even destabilize the economy.

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Today, you are likely to spend a great deal of time calling an endless list of 800 numbers hoping to buy either a three-hole paper punch or decorative picture frames. Be on the lookout for fairy dust that tastes like salt.
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Ragnar Frisch and Jan Tinbergen were the 1st Nobel Prize winners in Economics in 1969.
"Man is born to live, not to prepare for life. "

-- Boris Pasternak, writer

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