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October 19, 2018 

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OKUN'S LAW: A relationship that says that the gap between actual and full employment output level of gross domestic product widens by 3.0% for each percentage point increase in the unemployment rate. When Arthur Okun discovered this empirical relationship he was on President Kennedy's Council of Economic Advisers (CEA). Okun cautioned that the relationship was valid only within unemployment rates of 3% and 7.5%.

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PSYCHOLOGICAL INFLUENCES: Several factors that are primarily behavior-based that affect a consumers decision making process. These factors are learning, perception, self-concept, attitudes, personality, and lifestyles. Through a combination of these various factors a consumer displays certain tendencies toward product, brands, services, and where they shop. A marketer researches the market to determine which group of targeted buyers would be the best fit for its products or services.

     See also | target market | market segmentation | learning | attitudes | personality | self-concept | lifestyles | perception | consumer behavior | consumer decision making |


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PSYCHOLOGICAL INFLUENCES, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2018. [Accessed: October 19, 2018].


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RECOGNITION LAG

The time lag that it takes to identify and document the existence of an economic problem that might require government action. The recognition lag arises because it takes time to collect and analyze economic data; to verify that an actual problem exists. This "inside lag" is one of four policy lags associated with monetary and fiscal policy. The other two "inside lags" are decision 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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Today, you are likely to spend a great deal of time at a dollar discount store hoping to buy either a birthday gift for your mother or a weathervane with a horse on top. Be on the lookout for fairy dust that tastes like salt.
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Only 1% of the U.S. population paid income taxes when the income tax was established in 1914.
"Think not of yourself as the architect of your career but as the sculptor. Expect to have to do a lot of hard hammering and chiseling and scraping and polishing. "

-- B. C. Forbes, founder, Forbes magazine

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