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KEYNES, JOHN MAYNARD: A British economist (born--1883, died--1946) who is most noted for his work The General Theory of Employment, Interest, and Money, published 1936. The The General Theory revolutionized economic theory of the day, forming the foundation of Keynesian economics and creating the modern study of macroeconomics. Keynes was a well-known and highly respected economist prior to publication of The General Theory, however, this revolutionary work guaranteed Keynes a place as one of the most influential economists of all time.
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Lesson 23: Factor Market Equilibrium | Unit 2: Market Control
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Page: 11 of 24
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In this unit, you should have learned about:- A review of market control from the selling side, including the four market structures -- perfect competition, monopolistic competition, oligopoly, and monopoly.
- How markets can also be controlled from the buying side resulting in the four market structures of perfect competition, monopsonistic competition, oligopsony, and monopsony.
- Why market control on the buying side is more important to factor markets.
- Monopsony, which is a market structure with a single buyer.
- Monopsonistic competition, which is a marker structure with a large number of relatively small buyers.
- Oligopsony, which is a marker structure with a small number of relatively large buyers.
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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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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time at a dollar discount store wanting to buy either an AC adapter for your CD player or storage boxes for your family photos. Be on the lookout for slow moving vehicles with darkened windows.
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This isn't me! What am I?
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Mark Twain said "I wonder how much it would take to buy soap buble if there was only one in the world."
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"Inside the ring or out, ain't nothing wrong with going down. It's staying down that's wrong. " -- Muhammad Ali
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G-7
Group of Seven
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