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RECOGNITION LAG: In the context of economic policies, the time between a shock to the economy and realization that the shock has occurred. This is one of several policy lags that limit the effectiveness of stabilization policies designed to correct business-cycle fluctuations. This is also one of two inside lags. The other is an implementation lag. Also termed identification lag, the recognition lag emerges due to the time needed to measure economic activity. While the lag is generally positive, it actually can be negative through accurate forecasting techniques. When negative policies can be undertaken to correct a problem before it occurs.

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Lesson 2: Economic Science | Unit 3: Verification Page: 9 of 20

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An hypothesis is a possible, even probable, scientific relationship. An hypotheses is a candidate to become a principle. Hypothesis must be tested before becoming principles.
  • A possible hypothesis: The distance between a passing car and a jogger depends on the driver's political philosophy.
  • Alternative hypotheses can also explain differences in distance between jogger and passing car.
An hypothesis that seems reasonable is not necessarily right. It must be verified with real world data.
  • The scientific method does not accept an explanation at face value. It needs to prove an explanation is correct.
  • Scientists check to see if a reasonable explanation is consistent with the data. The scientific process is all about verifying hypotheses.
  • To test our hypothesis, ask people about passing distance and political affiliation.
  • While subjective data, based on asking people, can be useful, objective methods of data collection are usually preferred. Let's use lasers.
  • Government is a fruitful source of objective data.

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BUSINESS SECTOR

The aggregate macroeconomic sector that contains the private, profit-seeking firms in the economy that combine scarce resources into the production of wants-and-needs satisfying goods and services. The primary economic function of the business sector is the production of goods and services. The three basic types of business organizations that comprise the business sector are proprietorship, partnership, and corporation. This is one of the four macroeconomic sectors. The other three are household sector, government sector, and foreign sector.

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APLS

BROWN PRAGMATOX
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Today, you are likely to spend a great deal of time searching for rummage sales trying to buy either a pair of blue silicon oven mitts or a coffee cup commemorating the 2000 Olympics. Be on the lookout for high interest rates.
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The penny is the only coin minted by the U.S. government in which the "face" on the head looks to the right. All others face left.
"When I stand before God at the end of my life, I would hope that I would not have a single bit of talent left, and could say, I used everything you gave me."

-- Erma Bombeck, writer

PIH
Permanent Income Hypothesis
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