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IMMIGRATION: Migration that enters one country from another country. Immigration is usually seen as a problem for existing citizens of nation because--(1) the supply of labor increases, which tends to lower wages, (2) there's a greater demand for public services, which causes taxes to rise, and (3) the culture of immigrants is usually different, which creates all sorts of social conflicts. However, immigration can also be beneficial because--(1) the additional labor is a source of economic growth, (2) the immigrants might be willing to do some jobs that wouldn't be performed otherwise, and (3) some goods can produced at lower cost. Compare emigration.

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Lesson 8: Market Shocks | Unit 5: Cause and Effect Page: 19 of 20

Topic: Link Sequence <=PAGE BACK | PAGE NEXT=>

The sequence of the cause and effect links is an essential element in economic analysis.

Six steps for market adjustment:

  • First, a determinant change always starts the process.
  • Second, the determinant change causes a shift in either the demand or the supply curve.
  • Third, the shift in the curve causes market disequilibrium, either a shortage or surplus.
  • Fourth, the disequilibrium causes the price to change.
  • Fifth, the price change causes a change in quantity demanded and quantity supplied.
  • Sixth, changes in quantity demand and supplied cause the market equilibrium to be restored.

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DECISION LAG

The time lag that it takes government leaders and policy makers to determine the appropriate government action needed to address an economic problem. The decision lag arises because it takes time for policy makers to chose among the array of possible policy actions, each with assorted consequences that appeal differently to different political constituencies. This "inside lag" is one of four policy lags associated with monetary and fiscal policy. The other two "inside lags" are recognition lag and implementation 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 at a crowded estate auction wanting to buy either a case for your designer sunglasses or arch supports for your shoes. Be on the lookout for fairy dust that tastes like salt.
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In his older years, Andrew Carnegie seldom carried money because he was offended by its sight and touch.
"Our goals can only be reached through a vehicle of a plan, in which we must fervently believe, and upon which we must vigorously act. There is no other route to success. "

-- Pablo Picasso, artist

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