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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: Market Structures | Unit 1: Intro
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Page: 2 of 23
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- The variety of market structures that exist in the economy. The real-world economy offers even more.
- Perfect competition does NOT exist in the real world in its' ideal form, but some types of industries come close.
- Monopolistic competition is the real world's best approximation of perfect competition.
- Oligopoly is well represented by large manufacturing firms.
- Monopoly tends to be most prevalent in the area of urban public utilities, including electricity, natural gas, water, sewage, trash collection, telephone service, and cable television.
- Several factors influence the market structure for a particular industry.
- Number of Competitors
- Production Technology
- Total Market Demand
- Entry Barriers
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COMMUNISM In theory, an economy, or economic system, based on--(1) a classless society, where everyone does their best to contribute to the common good, (2) common, rather than individual, ownership of all resources, (3) the complete disappearance of government, and (4) income allocated based entirely on need rather than on resource ownership or contribution to production. In practice, communism is a type of command economy based on--(1) government ownership and control of most resources, goods, and other assets and (2) excruciatingly detailed central planning by government.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time looking for a downtown retail store trying to buy either a case of blank recordable DVDs or a pair of red goulashes with shiny buckles. Be on the lookout for slightly overweight pizza delivery guys.
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This isn't me! What am I?
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In the early 1900s around 300 automobile companies operated in the United States.
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"The greatest things ever done on Earth have been done little by little. " -- William Jennings Bryan
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MSE
Mean Square Error
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