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October 25, 2014 

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LRAS CURVE: The abbreviation of long-run aggregate supply, which is the long-run relation between real production and the price level, holding all ceteris paribus aggregate supply determinants constant. The LRAS curve is one of two curves that graphical capture the supply-side of the aggregate market; the other is the short-run aggregate supply curve (SRAS). The demand-side of the aggregate market is occupied by the aggregate demand curve. The vertical LRAS curve captures the independent relation between real production and the price level that exists in the long run.

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INSIDE LAG: In the context of economic policies, the time between a shock to the economy and corrective government action responding to the shock. This is one of two primary lags in the use of economic policies. The other is outside lag, the time between the government action and the affect on the economy. The inside lag can be divided into the recognition lag and the implementation lag. The recognition lag is identifying the shock or need for action and the implementation is determining the appropriate policy response. Monetary policy tends to have a shorter outside lag than fiscal policy. The length of the inside and outside lags is one argument against the use of discretionary policies to stabilize business cycles.

     See also | economic policies | policy lags | outside lag | recognition lag | implementation lag | leading economic indicator | business cycle | monetary policy | fiscal policy |


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INSIDE LAG, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2014. [Accessed: October 25, 2014].


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GROSS DOMESTIC PRODUCT

The total market value of all final goods and services produced within the political boundaries of an economy during a given period of time, usually one year. This is the official measure of the aggregate output produced by the economy. It is tabulated and reported by the National Income and Product Accounts maintained by the Bureau of Economic Analysis, which is part of the U. S. Department of Commerce. Gross domestic product, often abbreviated simply as GDP, is one of several measures reported regularly (quarterly and annually) by the number crunchers at the Bureau of Economic Analysis. Other common measures include net domestic product, national income, personal income, and disposable income. GDP has replaced gross national product (GNP), in most official discussion of aggregate economic production.

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APLS

State of the ECONOMY

Building Permits
August 2014
998,000
Down 5.6% from July 2014

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BLACK DISMALAPOD
[What's This?]

Today, you are likely to spend a great deal of time watching the shopping channel trying to buy either a cross-cut paper shredder or a birthday greeting card for your father. Be on the lookout for the last item on a shelf.
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In 1914, Ford paid workers who were age 22 or older $5 per day -- double the average wage offered by other car factories.
"We work to become, not to acquire. "

-- Elbert Hubbard, editor

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