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IMPACT LAG: In the context of economic policies, the time between corrective government action responding to a shock to the economy and the resulting affect on the economy. This is one of four lags in the use of economic policies. The others are recognition lag, decision lag, and action lag. The length of the impact lag, also termed outside lag, is primarily based on the speed of the multiplier process and is essentially the same for both fiscal and monetary policy. The length of the policy lags is one argument against the use of discretionary policies to stability business cycles.

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Lesson 17: Money | Unit 2: More About Money Page: 5 of 25

Topic: Medium of Exchange <=PAGE BACK | PAGE NEXT=>

The primary function of money is to as THE medium of exchange.

An economy without money:

  • Barter exchange happens when you trade one good for another.
  • A barter economy is one that uses nothing but barter trades, no money.
  • Barter requires double coincidence of wants: I must want what you have and you must want what I have.
  • With no money, resources are used for trading and not for production.

The bottom line:

  • Using money as a medium of exchange eases the exchange process, makes it more efficient, and frees resources for production.

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BUYERS' PREFERENCES, DEMAND DETERMINANT

The satisfaction that buyers receive from the purchase of a good, which is assumed constant when a demand curve is constructed. Buyers' preferences is one of five demand determinants that shift the demand curve when they change. The other four are buyers' income, other prices, buyers' expectations, and number of buyers.

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PURPLE SMARPHIN
[What's This?]

Today, you are likely to spend a great deal of time at an auction trying to buy either storage boxes for your winter clothes or several magazines on time travel. Be on the lookout for crowded shopping malls.
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This isn't me! What am I?

Okun's Law posits that the unemployment rate increases by 1% for every 2% gap between real GDP and full-employment real GDP.
"Man is born to live, not to prepare for life. "

-- Boris Pasternak, writer

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Nash Equilibrium
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