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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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Lesson 10: Gross Domestic Product | Unit 4: Measuring Income
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Page: 20 of 25
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Income earned by the factors of production that is not received by the households (IEBNR) is subtracted from national income to derive personal income.- Social Security taxes: This is income earned by workers for their production, but paid to the government and not received by households.
- Corporate profit taxes: Part if profit redirected to government.
- Undistributed corporate profits: Retained earnings kept by business for future capital investment.
- Workers, entrepreneurship and/or capital owners earn this income, but do not receive it.
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OPPORTUNITY COST, PRODUCTION POSSIBILITIES The production possibilities analysis, which is the alternative combinations of two goods that an economy can produce with given resources and technology, can be used to illustrate opportunity cost--the highest valued alternative foregone in the pursuit of an activity.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time watching infomercials looking to buy either a coffee cup commemorating the 1960 Presidential election or a how-to book on fixing your computer, with illustrations. Be on the lookout for celebrities who speak directly to you through your television.
Your Complete Scope
This isn't me! What am I?
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Paper money used by the Commonwealth of Massachusetts prior to the U.S. Revolutionary War, which was issued against the dictates of Britain, was designed by patriot and silversmith, Paul Revere.
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"You don't have to be a fantastic hero to do certain things - to compete. You can be just an ordinary chap, sufficiently motivated to reach challenging goals." -- Sir Edmund Hillary, Explorer
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MR
Marginal Revenue
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