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ACTION LAG: In the context of economic policies, a part of the implementation lag involving the time it takes for appropriate policies to be launched once they have been agreed to by policy makers. Another part of the implementation lag is the decision lag. For fiscal policy, this involves appropriating funds to government agencies (for government spending) or changing the tax code (for taxes) For monetary policy, this involves the buying and selling government securities in the open market. The action lag is usually shorter for monetary policy than fiscal policy.
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                           FULL EMPLOYMENT, PRODUCTION POSSIBILITIES: Full employment is the condition that exists when all available resources are engaged in the production of goods and services. In other words, all resources that could be used for production are being used. This is indicated in production possibilities analysis by producing a combination of goods that places the economy on the production possibilities curve. Production possibilities, which analyzes the alternative combinations of two goods that an economy can produce with given resources and technology, indicates full employment when production is on the production possibilities curve. The construction of the production possibilities curve embodies this concept of full employment. Full employment is the condition that exists when all available resources are engaged in the production of goods and services. In particular, each point on the production possibilities curve is based on the presumption that all existing resources are used to produce the two goods. In other words, all resources are engaged in production. This means that full employment exists at every point ON the production possibilities curve. To illustrate this, use the mouse arrow to point out full employment as all points, including D and J, that lie ON the curve. However, also note that point L does not fully employ all resources and point M is not attainable with existing resources and technology.
 Recommended Citation:FULL EMPLOYMENT, PRODUCTION POSSIBILITIES, AmosWEB Encyclonomic WEB*pedia, http://www.AmosWEB.com, AmosWEB LLC, 2000-2021. [Accessed: January 23, 2021]. Check Out These Related Terms... | | | | | | | | | Or For A Little Background... | | | | | | | And For Further Study... | | | | | | | | | | Related Websites (Will Open in New Window)... | | | | | | | | | | | | | | |
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PURPLE SMARPHIN [What's This?]
Today, you are likely to spend a great deal of time searching the newspaper want ads seeking to buy either a travel case for you toothbrush or a looseleaf notebook binder. Be on the lookout for vindictive digital clocks with revenge on their minds. Your Complete Scope
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Natural gas has no odor. The smell is added artificially so that leaks can be detected.
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"Lead the life that will make you kindly and friendly to everyone about you, and you will be surprised what a happy life you will lead." -- Charles M. Schwab
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