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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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Lesson 7: Market Equilibrium | Unit 2: The Numbers Page: 8 of 22

Topic: Equilibrium <=PAGE BACK | PAGE NEXT=>

What would happen if buyers and sellers faced a price of 50 cents?
  • At 50 cents, the quantity demanded is 400 tapes.
  • At 50 cents, the quantity supplied is 400 tapes.
  • The quantity demanded is the same as the quantity supplied at this 50 cent price.
  • This IS equilibrium.
  • This equilibrium price and equilibrium quantity will remain until something else changes.
  • This 50 cent price is the only one that matches the quantity demanded and the quantity supply

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LAISSEZ FAIRE

The notion that government should not intervene into production, consumption, and exchange activities and that the private sector (households and businesses) should be free to make allocation decisions. Laissez faire is a French term that roughly translates into "allow to act." It has been the rallying cry for many people (primarily business leaders) who oppose government intervention, regulation, or even taxation since it was popularized in the late 1700s by Adam Smith in The Wealth of Nations.

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RED AGGRESSERINE
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Today, you are likely to spend a great deal of time looking for a downtown retail store wanting to buy either a coffee cup commemorating Thor Heyerdahl's Pacific crossing aboard the Kon-Tiki or a rechargeable battery for your cell phone. Be on the lookout for door-to-door salesmen.
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Natural gas has no odor. The smell is added artificially so that leaks can be detected.
"Good judgment comes from experience, and often experience comes from bad judgment."

-- Rita Mae Brown ‚ Writer

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