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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 4: Production Possibilities | Unit 3: The Curve
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Page: 9 of 24
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We can transform the schedule of production possibility numbers into a graph.- Each bundle can be represented by a point in two dimensional production possibilities space.
- The two dimensions of the space are clock calibrators on the horizontal axis and jogging shoes on the vertical axis.
- The horizontal axis is measured between 0 and 11 calibrators.
- The vertical axis is measured between 0 and 500 jogging shoes.
- The two axis are joined at the origin.
- The plotted bundles form a semi-circle pattern.
- If these were stars in the night sky we might name it the arc of production. But it's not, so we won't.
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AGGREGATE DEMAND The total real expenditures on final goods and services produced in the domestic economy that buyers are willing and able to undertake at different price levels, during a given time period (usually a year). Aggregate demand, usually abbreviated AD, is an inverse relation between price level and aggregate expenditures. This is one half of the AS-AD (aggregate market) analysis. The other half is aggregate supply. Aggregate demand consists of four aggregate expenditures--consumption expenditures, investment expenditures, government purchases, and net exports--made by the four macroeconomic sectors--household, business, government, and foreign.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time wandering around the downtown area hoping to buy either a birthday greeting card for your mother that doesn't look like a greeting card or a handcrafted spice rack. Be on the lookout for broken fingernail clippers.
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This isn't me! What am I?
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A half gallon milk jug holds about $50 in pennies.
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"We can't take any credit for our talents. It's how we use them that counts. " -- Madeleine L'Engle, Writer
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SAIF
Savings Association Insurance Fund
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